Deadline with withdraw up 50% from Old LIFs and LRIFs

Effective May 1, 2012, owners of Old LIFs and LRIFs will no longer be able to withdraw or transfer 50% of the assets in their account.

In June 2009, Regulation 909 under the Pension Benefits Act of Ontario was amended to include changes to the rules governing Ontario locked-in accounts including Old LIFs* and LRIFs. Owners of an Old LIF or LRIF will have a one-time opportunity to withdraw or transfer 50% of the total market value of the assets of the fund to an RRSP or RRIF.

April 30, 2012 is the deadline for Ontario Old Life Income Fund (LIF) and Locked-in Retirement Income Fund (LRIF) clients to take advantage of the onetime 50% unlocking opportunity available to them.

The request to withdraw or transfer must be made on a form approved by the Superintendent of Financial Services and be submitted by April 30, 2012. No applications for any withdrawal or transfer may be made after April 30, 2012.

* Old LIFs are Life Income Funds issued on or before December 31, 2007 and locked-in under the Pension Benefits Act of Ontario.

Investments

Alliance Financial Group

Life Insurance and segregated fund products and services offered through professionals representing Alliance Financial Group in the provinces of Alberta and Ontario only.  Some advisors are dually licenced and may also offer mutual fund products and services through Wealthforce Inc., Mutual Fund Dealer, in the provinces of Alberta, Bristish Columbia and Ontario only.