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LIRA Unlocking Calculator

Pick the pension jurisdiction that governs your locked-in account to see how much you can unlock now and by which route, the tax if you take it as cash rather than moving it to an RRSP or RRIF, and the LIF maximum on what stays locked.

Your LIRA

Your LIRA statement or plan booklet names it; it is not always the province you live in.

Include every locked-in account under this jurisdiction.

Before any money you unlock.

You can unlock now

$60,000

One-time unlocking on transfer into a new (Schedule 1.1) LIF

Tax if withdrawn as cash

$15,406

About 25.7% of the amount; $44,594 left after tax.

Tax if moved to an RRSP / RRIF

$0

No tax now; withdrawals are taxed later.

Unlocking routes: Ontario

Pension Benefits Act, R.R.O. 1990, Reg. 909, Schedule 1.1. Regulator: FSRA. YMPE 2026: $74,600.

  • One-time unlocking on transfer into a new (Schedule 1.1) LIFAvailable now
    Available when the money moves into the LIF.$60,000

    Goes to: Cash, or RRSP / RRIF

  • Small balanceNot yet / not eligible
    Balance is over the $29,840 limit.

    Goes to: Cash, or RRSP / RRIF

  • Financial hardship: low expected incomeAvailable now
    Based on your expected income for the next 12 months.$14,800

    Goes to: Cash, or RRSP / RRIF

  • Shortened life expectancy (under two years)With a medical certificate
    Only with a medical certificate.Up to $120,000

LIF maximum on what stays locked

$60,000 stays locked in. Moved to a LIF, the most you could take out each year at age 58 is about $4,019 (2026 federal/harmonized factors). Work out the LIF minimum and maximum.

How to apply: File FSRA Form 5.2 with the institution within the window after the money arrives in the LIF. A LIF can pay out no earlier than the earliest date your former plan would have paid a pension, so the LIF itself is the age gate.
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Estimates only. Age tests use your age at the end of this year; some rules test it on the application date. Hardship amounts can usually be grossed up for withholding tax, and spousal consent is required for most routes. Confirm with the financial institution holding your LIRA before you apply.

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LIRA unlocking rules by jurisdiction (2026)

Dollar limits use the 2026 YMPE of $74,600. “Not modelled” means we could not verify the rule from an official source: check with your regulator. A dash means the jurisdiction has no such route in the sources we read.

Jurisdiction One-time partial unlocking Whole balance at an age Small balance Low-income hardship Shortened life
Federal (PBSA) Up to 50%, from 55, within 60 days after the LIF transfer — up to $37,300 (50% of YMPE) from 55 50% of YMPE − 66.67% of income Yes
Ontario Up to 50%, on transfer to a LIF, within 60 days after the LIF transfer — under $29,840 (40% of YMPE) from 55 50% of YMPE − 75% of income; income up to $49,733; $500 minimum Yes
British Columbia None — up to $14,920 (20% of YMPE) at any age; up to $29,840 (40% of YMPE) from 65 (each account) 50% of YMPE − 75% of income; income up to $49,733 Yes
Alberta Up to 50%, from 50, within 90 days before the LIF transfer — up to $14,920 (20% of YMPE) at any age; up to $29,840 (40% of YMPE) from 65 (each account) 50% of YMPE − 75% of income; income up to $49,733 Yes
Saskatchewan — Whole balance from 55 (transfer to a prescribed rrif (prrif)) up to $14,920 (20% of YMPE) at any age 50% of YMPE − 75% of income; income up to $49,733 Yes
Manitoba Up to 50%, from 55 Whole balance from 65 (full unlocking) under $29,840 (40% of YMPE) at any age; under 65, the balance grown at 6% a year to 65 is tested 50% of YMPE − 75% of income; income up to $49,733 Yes
Quebec — Whole balance from 55 (no lif withdrawal maximum from 55) up to $29,840 (40% of YMPE) from 65 50% of YMPE − 100% of income; under 55 only Yes
New Brunswick Lesser of 25% of the LIF and 3× the LIF maximum, once — under $29,840 (40% of YMPE) at any age; under 65, the balance grown at 6% a year to 65 is tested None Yes
Nova Scotia Up to 50%, from 55, within 60 days after the LIF transfer — under $37,300 (50% of YMPE) from 55 50% of YMPE − 75% of income; income under $49,733 Yes
Newfoundland and Labrador Not modelled — under $7,460 (10% of YMPE) at any age; under $29,840 (40% of YMPE) from 55 50% of YMPE − 75% of income; income up to $49,728 Yes
Prince Edward Island No pension law No pension law No pension law No pension law No pension law

How LIRA unlocking works

A LIRA holds pension money you took with you when you left an employer plan. It stays locked in so it can pay a retirement income, normally by moving it to a LIF later. Each pension law lists the exceptions: a one-time partial unlocking when the money moves into a LIF, a small-balance payout, financial hardship, a shortened life expectancy, non-residency, and in a few provinces the whole balance from a set age.

Unlocked money can usually go to an RRSP or RRIF with no tax now, or be paid as cash, which is taxable income for the year. Spousal consent is required for most routes, and the financial institution, not the regulator, processes the application.

Frequently asked questions

Can I unlock 50% of my LIRA in Ontario?
Yes, once, when the money moves into a new (Schedule 1.1) LIF: you can withdraw it or transfer it to an RRSP or RRIF, up to 50% of the amount transferred in. File FSRA Form 5.2 with the financial institution within 60 days of the transfer. The LIF can only start paying from the earliest date your former plan would have paid a pension.
Which pension law applies to my LIRA?
The law of the jurisdiction where the pension plan was registered for your employment, not the province you live in today. Plans for federally regulated work such as banking, telecommunications, shipping and interprovincial transportation fall under the federal Pension Benefits Standards Act; your LIRA contract or statement names the governing legislation.
How small does a LIRA have to be to cash it out?
It depends on the jurisdiction. In 2026 Ontario allows it from age 55 when all locked-in accounts are under $29,840; federal plans from 55 at up to $37,300. The table above lists every jurisdiction's limit; each is a share of the YMPE ($74,600 in 2026).
Is unlocked LIRA money taxable?
Moved straight to an RRSP or RRIF it is not taxed until you withdraw it. Taken as cash it is fully taxable income in the year you receive it, and the institution may withhold tax at source. The calculator shows the extra federal and provincial tax for your province of residence.
Can I unlock my LIRA for financial hardship?
Most jurisdictions allow it on grounds such as low expected income, medical costs, rent or mortgage arrears. For low income Ontario's maximum is 50% of the YMPE less 75% of your expected income, with a $500 minimum. Quebec has no hardship unlocking; under 55 a Quebec LIF can pay a temporary income instead.
What about Alberta, Manitoba, Saskatchewan and Quebec?
Alberta allows a one-time unlocking of up to 50% from age 50 when you open a LIF. Manitoba allows a one-time 50% transfer to a prescribed RRIF from 55 and full unlocking from 65. Saskatchewan lets you move the whole LIRA to a prescribed RRIF from 55. Quebec has removed the LIF maximum from 55, but withdrawals are taxable cash with no direct RRSP or RRIF transfer.
What about New Brunswick and Prince Edward Island?
New Brunswick allows one transfer from a LIF to an ordinary RRIF of the lesser of 3 times the LIF's annual maximum and 25% of the LIF balance. A LIRA can be cashed out when all your locked-in money, grown at 6% a year to age 65, is under $29,840 and your T4 pension adjustments were zero for the two previous years. There is no financial hardship unlocking. Prince Edward Island has no pension standards law in force, so the pension plan's own terms decide whether the money is locked in.
Does federal 50% unlocking go to cash?
No. Federal 50% unlocking moves money from a restricted LIF to an RRSP or RRIF within 60 days of opening the RLIF, from the calendar year you turn 55. You can then withdraw from the RRSP or RRIF as taxable income.

Related retirement tools

LIF Withdrawal Calculator

Minimum and maximum annual LIF withdrawal for the money that stays locked.

RRIF Minimum Withdrawal Calculator

Where unlocked money moved to a RRIF must be drawn from each year.

RRSP Withdrawal Tax Calculator

Withholding and final tax when you cash out an RRSP the money was moved to.

RRIF Withdrawal Tax Calculator

Tax on withdrawals above the RRIF minimum.

Sources

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