LIF definition

LIF means a “LIF” or “life income fund” as defined in Pension Legislation;

LIF means the life income fund established by the Issuer for your benefit under this contract. (« FRV »)

LIF means a life income fund that is a registered retirement income fund (within the meaning in the Tax Act), and that meets the conditions set out in Directive no. 5 and the Regulation;

Examples of LIF in a sentence

• If, in any fiscal year of the Fund, an additional transfer is made to the Fund and that additional transfer has never been under a LIF before, an additional withdrawal will be allowed in that fiscal year.

• This additional amount of withdrawal will not exceed the maximum amount that would be calculated under this Addendum if the additional transfer were being transferred into a separate LIF and not this Fund, with paragraph 12 applying.

• Where the money in the Fund is derived from money transferred, directly or indirectly, during the first fiscal year from another LIF or LRIF of the Annuitant, the maximum amount (M) in paragraph 11 of this Addendum is equal to zero with respect to that money, except to the extent that the Act requires the payment of a higher amount.

• From time to time, the Trustee may amend the Declaration of Trust (including this Addendum), if the amendment does not disqualify the Fund as a LIF and if the amendment is filed with and approved by Canada Revenue Agency and applicable provincial authorities.

• Subject to any restrictions imposed by the Act and by Pension Legislation, and after payment to the Annuitant of the minimum amount for the year, the property of the Fund may be transferred to a LIF established under Schedule 1.1 or used to purchase a life annuity in accordance with paragraph 60(l) of the Act.

More Definitions of LIF

LIF means a life income fund, being an RIF that meets the requirements set out in section 22 of the Regulation;

LIF means a registered retirement income fund, as defined in subsection 146.3(1) of the Tax Act that meets the requirements set out in section 20.1 of the Regulation;

LIF means a RRIF which meets the requirements, where not inconsistent, of a “life income fund” under the Federal Pension Regulations;

LIF or “life income fund” means a registered retirement income fund that is a registered retirement savings arrangement as defined in clause 2(as) of the Act and meets the requirements in Sections 205 to 210 and Schedule 4: Nova Scotia LIF Addendum;

LIF means a prescribed retirement savings arrangement, known as a life income fund, that is a registered retirement income fund within the meaning in the Tax Act, and that meets the conditions set out in Schedule 1 or Schedule 1.1 of the Regulation;

LIF means a “LIF”, “life income fund” or “life income fund contract” as defined in pension legislation;

LIF means a RRIF that meets the requirements of either Schedule 1 or Schedule 1.1 of the Regulation;