How do I enter a LIRA or LIF and its withdrawal limits?

Add the account in ACCOUNTS and INVESTMENTS using its current type. For locked-in savings not yet converted to an income fund, choose LIRA. Enter the pension jurisdiction that governs the funds, which may differ from your province of residence; select Federal and territories for a federally governed plan.

Set the age to convert to a LIF and complete the remaining account fields. TIME MACHINE keeps the investments and converts the account at that age. It calculates withdrawals under the selected jurisdiction’s rules. A LIRA is not unrestricted savings, so putting it first in PRIORITIES does not make all of its balance available immediately.

For a current LIF, enter the prior year-end balance and withdrawals already made this year, as well as the current investment values. The app uses those amounts when calculating the remaining minimum and maximum.

To request more than the minimum, enter a planned withdrawal under AUTOMATIC SAVINGS and WITHDRAWALS or adjust withdrawal PRIORITIES. TIME MACHINE still applies its calculated maximum. Check the year report and the institution’s permitted amounts rather than assuming the entire request can be withdrawn.