LIRA and CrossTown Civic | RRSPs and RRIFs | Discussion forum

Crosstown would be good IF you live in Manitoba and if non resident you would use Accelerate.....but quick look...no LIRA.

Questrade.....sure as long as their fees are $0.00. Is Questrade the only discount brokerage that offers them? I am weaning away from iTrade but quick look.....they don’t offer.

I have Manulife that had nothing to do with my employer and if you have a lot of money there...I guess they are ok. Since my advisers office moved from Peak to Manulife......I dislike both my new adviser and more so Manulife. I am weaning off of Manulife too. I have moved a lot away from them and will finally be liquid next month. I have $90,000 left. I have lost lots of better GIC rates for longer terms in order to manage liquidity. But just say if I did invest in a 5 year GIC...I would lose at least .25% for adviser fees and then another $250 Manulife fees per year. That takes over $1250 away from any interest. Lots of people just don’t see the fees and like the convenience of an adviser.

Recently I lost my retirement benefits.....Health and Dental...in my search to replace I called Sunlife and their way of doing things forced me to speak to an adviser who are really not up to par on selling those products. But what I did find....they, Sunlife, waive the self directed fees for accounts over $100,000. Many times I told my adviser I did not like paying them. Only if I had done my homework years ago.....I could have got him to be competitive or moved on.

Is a LIRA a locked in RRSP?

https://maplemoney.com/what-is-a-locked-in-retirement-account-lira/

Save2Retire@55 said

It is very annoying to see this war between BC and AB which is actually hurting people rather than those policy makers. I am by heart against the pipeline but my brain says AB and Canada needs the pipeline and it will be very beneficial. I am also hoping for more renewable industries but we need to do something before its too late. Look @ Norway and how they are using the oil money.  

Lol I guess I should have no said that. Our coastlines are at risk and the ones that know best are the First Nations. And Canada needs to know our Feds will protect it at the expense of the pipeline or shipping company. Our premier is out of line in his idea, as by law he cannot legally do. So the AB premier is just as childish and is flexing her muscles as “her big show” as she will likely loose the next election to Jason Kenny. She is reacting on something that has not happened and cannot happen. Both premiers...childish. Since I have lived in both BC and AB just wait and see how this childishness will trickle down to petty issues amongst the average person in both provinces. I have had the same car keyed and graffitied in both provinces.....bearing the license plate of the other province. No car travel to AB this summer! And for B.C. wine it will not suffer. We will support our wine and buy less foreign wine and restaurants are now selling B.C. wine only.

I had suggested Achieva earlier because I was pretty sure they offered them , but it's hard to pin it down, so I hope they can tell you something useful on the phone.
Be sure to ask someone here for a referral code if you decide to join (not me, as I don't belong), for an extra $25.

I think DUCA might offer LIRAs. They mention LIFs, so it would make sense for them to also offer LIRAs. https://www.duca.com/mymoney/investments/tax-saving-investments/
DUCA has a 3% term right now for 80 months registered. Perhaps that could qualify. One can do better, but it's still a decent rate; and the places where you can do better may not offer LIRAs.

Meridian also offers LIRA - or at least they did last year when I discussed one with them. They don't have any great rates right now, but do have Promos from time to time.

It may be easier for you to wait until you get moved to Ontario, as you may then have more options. Hubert and some others don't serve QC. DUCA, Meridian and Achieva do though.
You might also benefit from talking to a GIC broker. A good one will know which FIs that they deal with offer LIRAs.

Fascinating and extensive list provided by Trump, although most will not be accessible.

LIRAs are sort of complicated. They are governed differently from all the other registered funds. Rules depend on where you were when it was created. For an Ontario LIRA, you can certainly start getting money from the LIF before 71. In some circumstances , if the amount is small, you can cash them in and be done with it. That's what I'm doing with mine. But for a larger amount, they may be worth hanging on to. Unlike RIFs, there is both a minimum and maximum annual LIF withdrawal.

Save2Retire@55 said

…
It doesn't directly say what they offer but it says to contact them:

"Achieva Financial has the ability to assist with all your retirement savings needs whether it is RRSPs and RIFs or LIRAs and LIFs – for more information, contact our Customer Support Centre."

I am going to contact them and see what they say.

They are all kinds of RRSP's that have withdrawals restricted (locked in) under one of the pension acts.

The Locked-In Retirement Accounts (LIRA) are RRSP's restricted by one of the provincial pension benefits acts.

The Locked-In RSP (LRSP) and Restricted Locked-in RSP (RLSP) are the RRSP's restricted by the federal Pension Benefits Standards Act, 1985.

BMO Investorline has copies of the addendum for the various LIRA, LRSP, RLSP, LRIF, LIF, and RLIF accounts at https://www.bmo.com/advicedirect/popups/addendum.

Top It Up said

Trump said
.....please buy BC wine 

Please support pipeline construction to export markets.  

Absolutely....most British Columbians do. Unfortunately we have 2 very anal premiers.