Please note that effective January 1, 2025, Quebec’s life income fund (“LIF”) accounts will undergo changes to offer more flexibility in accessing retirement savings for people aged 55 and over in accordance with Quebec’s Regulation to amend the Regulation respecting supplemental pension plans (the “Regulation”). Changes to Quebec LIF accounts set out in the Regulation include the following:

For people aged 55 and over:

• Removal of the maximum withdrawal amount for LIF owners aged 55 and over. Clients will be able to withdraw all or part of their LIF balance at any time. Minimum amounts will still apply.
  
  
• Temporary income no longer applies.
  
  
• A new estimated life income amount will be available for information purposes annually. Please note that this amount has no impact on the amount that can be withdrawn.
  
  
• An individual can no longer apply for unlocking of a LIF balance if they have not resided in Canada for at least 2 years.
  
  
• Direct transfers of funds from a Quebec LIF to a registered retirement savings plan (RRSP) or a registered retirement income fund (RRIF) will no longer be permitted.
  
  

For people aged under 55: 

• Temporary income and maximum withdrawal amounts will continue to apply, but new calculation rules will apply. 
  
  
• An individual can no longer apply for unlocking of a LIF balance if they have not resided in Canada for at least 2 years.
  
  
• The person’s age at the time the application for life or temporary income is filed will be used to determine payment amounts. The individual’s age on December 31 of the year preceding the application for income will no longer be used.
  
  

Changes effective January 1, 2025 for individuals aged 55 and over with a Quebec LIF for which a systematic withdrawal is already in place:

• Option of the minimum payment established in the client’s AWD: no change – the new minimum will be updated at the beginning of the year and the AWD amount will reflect the new minimum.
  
  
• Option of an elected amount set in the client’s AWD: no change – the elected amount will remain the same for 2025 unless it (frequency-based amount) is lower than the new 2025 minimum. If this is the case, it will be adjusted to the new minimum amount.
  
  
• Option of the maximum payment set in the client’s AWD: the AWD amount for 2024 will remain the same for 2025 since there will no longer be a withdrawal limit applicable from 2025 and onwards. Investia will use your calculated 2024 “maximum” amount as your “elected payment” amount starting in 2025. If your client wishes to receive a lower or higher amount, please send us a “Systematic withdrawal Instruction – Nominee Accounts” form at least 10 business days before the next payment date. To obtain a list of your impacted clients, please send a request to investia@investia.ca. 
  
  

Should you have any questions, please contact our Client Services Team, by email at investia@investia.ca, by phone at 1-888-684-5548, or use the chatbot feature available on the Advisor Centre.