Locked-in retirement account (LIRA)
Locked-in retirement account (LIRA)
Unlock Your Retirement Freedom Today
Broadmoor specializes in Locked-In Retirement Account (LIRA) services, navigating Canadian laws to empower individuals with retirement freedom.
We assist in unlocking LIRA funds, providing tailored strategies within the regulatory framework to enhance financial flexibility and security for retirement. Trust us to navigate complexities and unlock your retirement potential
Adherence to Laws
Our services compliant with federal and provincial tax laws, including Income Tax Act and relevant legislation
What it includes
- Transfer: LIRA holds funds from a locked-in pension plan, such as a pension from a former employer, preserving retirement savings.
- Restrictions: Withdrawals from LIRA are restricted until retirement age, typically around 55-65 years old, except in certain circumstances.
- Investment Options: LIRA funds are invested in various assets, similar to an RRSP, allowing for growth potential over time.
- Pension Income: At retirement, LIRA can be converted to a LIF or Life Annuity, providing a regular income stream.
- Regulatory Compliance: LIRA operates under provincial pension laws, ensuring compliance with regulations governing locked-in funds and withdrawals.
benefits to you
How we work
Understanding Client Needs
Consult with clients to grasp their requirements, goals, and preferences, ensuring alignment with their financial strategies.
Implementing Efficient Systems
Introduce easy-to-use tools and processes tailored to client needs, promoting accuracy, compliance, and streamlined operations.
Providing Feedback and Support
Offer continuous assistance, communication, and training to ensure clients effectively utilize systems and address any concerns.
What we will deliver to our clients
- Expertise in provincial pension legislation governing Locked-In Retirement Accounts (LIRAs), ensuring compliance with specific provincial laws.
- Adherence to federal tax laws, including the Income Tax Act, regarding contributions, withdrawals, and taxation of LIRAs.
- Assistance with unlocking LIRA funds as per provincial regulations, including eligibility criteria and application procedures.
- Guidance on investment options within LIRAs, aligned with provincial pension legislation and fiduciary responsibilities.
- Compliance with CRA guidelines regarding LIRA contribution limits, reporting requirements, and tax implications.
- Review of LIRA transfer rules, ensuring proper handling of funds between financial institutions and pension plans.
- Evaluation of LIRA withdrawal strategies, considering pension income splitting opportunities and tax-efficient retirement income planning.
- Assistance with LIRA beneficiary designations and estate planning considerations, in accordance with provincial and federal laws.
- Provision of customized LIRA solutions tailored to individual retirement goals and risk tolerance.
- Collaboration with legal and financial professionals to provide comprehensive LIRA services, including legal advice and investment management.
- Transparent communication regarding LIRA rules, regulations, and potential tax implications for clients.
- Proactive monitoring of legislative changes and updates to LIRA-related laws and regulations.
