Locked-In Retirement Account (LIRA)
Take control of your pension. Keep your savings working for you even after you change jobs.
How a LIRA works
Money in a LIRA is locked in, meaning you can’t contribute more to it. But, with Questrade, you can unlock true control over your locked-in LIRA. Our flexible LIRA empowers you to choose how your pension is invested, giving you access to a full universe of stocks, ETFs, and more.
Investment diversification: You can trade stocks, bonds, ETFs, and GICs within a LIRA.
Eligibility: You must be at least 18 and have an existing Registered Pension Plan or a Deferred Profit-Sharing Plan 1.
Withdrawals: With a few exceptions, LIRA funds are locked in until retirement. Then it's converted to a LIF you can withdraw from.
Benefits of a Questrade LIRA
It’s your bridge from today’s work to tomorrow’s well-deserved freedom. A LIRA lets you hold, invest, and keep growing pension funds that you and your former employers contributed to.
There are no tax downsides to keeping money in a LIRA. Funds are only taxed when you withdraw during retirement.
You decide how your pension funds are invested, letting you craft a portfolio (and future) that’s truly your own.
Unlike big banks, we don’t charge trading commissions, making each trade in your LIRA more valuable.
Your LIRA funds are kept safe and sound, becoming accessible once it’s time to enjoy the retirement you’ve earned.
Retirement Calculator
See how investing in a LIRA can help you achieve your financial goals faster.
What’s the difference between a LIRA, RPP, and RRSP?
All three help secure your retirement, but they get you there in different ways.
LIRA Locked-In Retirement Account | RPP Registered Pension Plan | RRSP Registered Retirement Savings Plan | |
Purpose | Holds "locked-in" pension funds from a former employer | Employer-sponsored retirement savings plan | Personal retirement savings plan |
Eligibility | Under 71 with existing pension funds | Tied to employment | Canadian resident under 71 with earned income |
Contributions | No direct contributions. | Made by you and/or your employer | 18% of previous year’s income, up to $31,560 |
Tax benefits of contributions | None (can’t make new contributions) | Tax-deductible contributions | Tax-deductible contributions |
Tax impact on holdings | Investment earnings are tax-deferred until withdrawal | Investment earnings are tax-deferred until withdrawal | Investment earnings are tax-deferred until withdrawal |
Withdrawal rules | Generally, funds are locked-in until retirement | Varies by plan type but typically restrictive | Flexible, but withdrawals are taxed |
What happens at retirement | Must be converted to a LIF or used to purchase a life annuity | You begin receiving regular pension payments | Must be converted to a RRIF or used to purchase an annuity |
Control over investments | Full control (with Questrade). | Managed by plan administrator. | Full control (with Questrade). |
Choose your path to retirement
There’s a kind of LIRA that works for every investor.
Make your own trades
Take full control of your LIRA by trading stocks and ETFs commission-free
Find new trades easily with built-in research tools
Mobile, web or desktop—trade your way on powerful platforms
Get an expert-built portfolio
Tell us your timeline and comfort with risk, and we’ll find you a portfolio that matchescheck
All portfolios are diversified with a proven track record of returnscheck
Lower management fees than Canadian mutual funds, starting at only 0.25%
Open your LIRA in three easy steps
If you have a question along the way, our award-winning 3 support team has your back.
You'll need details like your pension plan's name and the administrator's contact info
Complete our online account setup. It’s quick, intuitive, and secure.
We’ll help move your locked-in funds from your old institution to your new LIRA.
Move your money to Questrade for free
We’ll reimburse transfer fees charged by your old financial institution, up to $150 per account. No minimum amount required. Terms apply. 4
Your retirement is in good hands
With Questrade, you can rest assured that your money, your account and your personal information are protected.