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New Member
posted Apr 11, 2025 8:12:56 AM

I have a Lira, can I use the amount on my taxes

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1 Replies
Moderator
Apr 13, 2025 12:29:55 PM

Yes, if you have funds in a Locked-In Retirement Account (LIRA), the withdrawals from that account will be subject to taxes, just like with an RRSP. The LIRA itself doesn't provide a tax deduction for contributions, but withdrawals are taxed as regular income.

 

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