Get the free LOCKED-IN RETIREMENT ACCOUNT (LIRA) APPLICATION FORM

LOCKED-IN RETIREMENT ACCOUNT (LIRA) APPLICATION FORM Registration RER 211-053LI FAMILY NAME REGISTRATION FIRST NAME AND INITIALS MR. MS. CORRESPONDENCE FRENCH ENGLISH ADDRESS PROVINCE POSTAL CODE

How to fill out locked-in retirement account lira

How to fill out a locked-in retirement account (LIRA)?

1. Gather necessary documents: Before starting the filling process, make sure you have all the required documents such as identification proof, employment information, and the LIRA application form.
2. Contact your financial institution: Reach out to your financial institution where the LIRA is held. They will provide you with the necessary forms and guidance on how to complete them.
3. Provide your personal information: Fill in the application form with accurate personal details, including your full name, date of birth, social insurance number, and contact information.
4. Provide employment information: Include details about your previous employer, such as the company's name, address, and contact information. You may also need to provide information about your length of employment, date of termination, and the reason for leaving.
5. Choose investment options: Determine how you want your LIRA funds to be invested. Generally, financial institutions offer various investment options such as mutual funds, stocks, bonds, and GICs. Consider your risk tolerance and long-term financial goals while selecting the investment mix.
6. Designate beneficiaries: If required, indicate beneficiaries who will receive the funds in case of your demise. Provide their full names, dates of birth, and relationship to you.
7. Submit the completed forms: Once you have filled out the necessary forms and double-checked the accuracy of all information provided, submit them to your financial institution. Ensure that you keep a copy for your records.

Who needs a locked-in retirement account (LIRA)?

1. Individuals who have a former employer-sponsored pension plan: If you had a pension plan through your previous employer and are no longer working for them, you may be eligible to transfer the funds into a LIRA.
2. Employees who have been terminated or left their job before retirement: If you leave your job before retirement age and have accumulated pension funds, those funds are typically transferred into a LIRA until you reach the retirement age.
3. Individuals who want to keep their pension funds separate: Some individuals prefer to have their pension funds held in a separate account rather than consolidating them with their other retirement savings. A LIRA allows for this separation and ensures the funds remain locked-in until retirement.

Remember, regulations and eligibility criteria for LIRAs can vary by jurisdiction and pension plan rules. It is essential to consult with a financial advisor or your pension plan administrator for personalized guidance specific to your situation.

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What is locked-in retirement account lira?

A locked-in retirement account (LIRA) is a type of retirement account that is designed to hold locked-in pension funds until retirement.

Who is required to file locked-in retirement account lira?

Individuals who have locked-in pension funds from a previous employer are required to file a locked-in retirement account (LIRA).

How to fill out locked-in retirement account lira?

To fill out a locked-in retirement account (LIRA), individuals must contact their financial institution or pension administrator to request the necessary forms and instructions.

What is the purpose of locked-in retirement account lira?

The purpose of a locked-in retirement account (LIRA) is to provide individuals with a tax-efficient way to save and invest their locked-in pension funds until retirement.

What information must be reported on locked-in retirement account lira?

Information such as the individual's name, address, social insurance number, employer information, pension fund details, and investment choices must be reported on a locked-in retirement account (LIRA).