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New Member
posted Oct 30, 2019 12:49:06 AM

Left my long time employer in 2016 and my pension was converted to a LIRA, do i have to notify CRA? Is there a tax implication?

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1 Best answer
Level 6
Oct 30, 2019 12:49:07 AM

No, because the funds are going from one registered plan directly to another, through your financial institution or whoever sponsors the LIRA.

There are tax implications once you begin to withdraw payments from the LIRA. You would then expect to receive T4RIF slips which show your income, and any tax deducted at source.

1 Replies
Level 6
Oct 30, 2019 12:49:07 AM

No, because the funds are going from one registered plan directly to another, through your financial institution or whoever sponsors the LIRA.

There are tax implications once you begin to withdraw payments from the LIRA. You would then expect to receive T4RIF slips which show your income, and any tax deducted at source.