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.
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.
Growth without taxes
There are no tax downsides to keeping money in a LIRA. Funds are only taxed when you withdraw during retirement.
Build a portfolio that’s perfect for you
You decide how your pension funds are invested, letting you craft a portfolio (and future) that’s truly your own.
Make every move more valuable
Unlike big banks, we don’t charge trading commissions, making each trade in your LIRA more valuable.
Keep your savings safe
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.
LIRALocked-InRetirement Account | RPPRegisteredPension Plan | RRSPRegistered RetirementSavings 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.
Self-directed investing
Make your own trades
Take full control of your LIRA by trading stocks and ETFs commission-free 2
Find new trades easily with built-in research tools
Mobile, web or desktop—trade your way on powerful platforms
questwealth portfolios
Get an expert-built portfolio
Tell us your timeline and comfort with risk, and we’ll find you a portfolio that matches
All portfolios are diversified with a proven track record of returns
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.
Gather your pension info
You'll need details like your pension plan's name and the administrator's contact info.
Open your account online
Complete our online account setup. It’s quick, intuitive, and secure.
Make your transfer request
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
MAKE YOUR MOVE
Your retirement is in good hands
With Questrade, you can rest assured that your money, your account and your personal information are protected.
We’re regulated by CIRO and a CIPF member.
Common Frequently Asked Questions
Unlocking rules vary by province. Generally, LIRA funds can be unlocked under specific circumstances such as financial hardship, small balances, or a shortened life expectancy. At age 55 (in most provinces), you may be able to unlock a portion of your LIRA. Remember to always double check provincial regulations for precise rules.
In most provinces, you can convert your LIRA to a Locked-In Retirement Income Fund (LIF) as early as age 55. This conversion allows you to start drawing income from your locked-in funds while still maintaining investment control within specific annual withdrawal limits.
No, you cannot make new contributions directly to a LIRA. A LIRA is specifically designed to hold "locked-in" pension funds transferred from a former employer's Registered Pension Plan (RPP) or Deferred Profit Sharing Plan (DPSP). However, you can invest and trade within a Questrade LIRA to keep growing your pension.
You cannot directly withdraw from a LIRA. Once converted to a LIF (Locked-In Retirement Income Fund), there are annual maximum withdrawal limits set by provincial legislation. These limits are designed to ensure your funds last throughout your retirement.
The assets in your LIRA generally transfer to your named beneficiary (or beneficiaries). If a spouse or common-law partner is named as beneficiary, they often have the option to transfer the funds to their own registered account (like an RRSP or LIF) on a tax-deferred basis. If no beneficiary is named or if the beneficiary is not a spouse/common-law partner, the funds typically become part of your estate and are subject to taxation.
1 To open a Questrade LIRA (Locked-in Retirement Account), you typically must be transferring funds from a registered pension plan (RPP) or another locked-in plan from a previous employer. Unlike an RRSP, you do not earn contribution room for a LIRA, as it only holds transferred pension funds. Withdrawals from a LIRA are highly restricted, generally only permitted once you reach a specific age (often 55, depending on your province) or under very limited hardship circumstances. You cannot use a LIRA for programs like the Home Buyers’ Plan or the Lifelong Learning Plan. By the end of the year you turn 71 (or sometimes earlier, depending on provincial rules), your LIRA must be converted into a life income fund (LIF) or an annuity.
2 'Zero commission trades', '$0 commissions', '$0 trading', 'trade commission-free' and similar messages, refer to commission-free trading for trades placed online through Questrade, Inc.'s website or mobile apps for stocks and ETFs that are listed on a stock exchange in the United States or Canada. Other fees may still apply.
3 In 2025, Questrade was awarded the DALBAR Seal of Service Excellence for the seventh consecutive year. The recognition is given to firms across the financial services industry that demonstrate standout customer service and an exceptional standard of care, including telephone interactions and service delivery.
4 You can transfer any account to Questrade from another financial institution, regardless of the balance, and get your transfer fees rebated (maximum rebate $150/account). No limit to the number of accounts you bring over. For a rebate, submit a statement from your financial institution displaying the transfer fees incurred within 60 days of the transfer request being submitted to Questrade. For Questwealth™ accounts, all-in-kind and partial transfers of your securities will be liquidated. Transfers from cash accounts may be subject to capital gains taxes or provide capital losses upon liquidation. Exchange and ECN fees may apply. Terms and conditions are subject to change without notice.