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Glossary term
LIF — Life Income Fund
Life Income Fund — locked-in RRIF converted from locked-in pension funds (LIRA). Has minimum AND maximum annual withdrawals (formula-prescribed). Provincial rules vary — AB/BC allow one-time unlock of 50% LIRA into RRSP.
Related terms
T1135
Foreign Income Verification Statement — CRA reporting requirement if your combined foreign assets exceed $100…
NoA fields
Key NoA fields to review: RRSP Deduction Limit (next year), Unused TFSA Contribution Room, HBP Repayments Out…
Locked-in Pension
Locked-in Retirement Account (LIRA) — created when transferring from an employer DB/DC pension plan. Cannot w…
RDSP
Registered Disability Savings Plan — tax-deferred account for people with Disability Tax Credit (DTC). Govern…
DTC
Disability Tax Credit — non-refundable federal tax credit for people with severe + prolonged impairment. Appr…
Tax-loss harvesting
Strategy: sell an investment at a paper loss in a non-registered account to realize the capital loss, then bu…
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