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This video tutorial discusses the Locked-In Retirement Account (LIRA) and how it differs from an RRSP. A LIRA is similar to an RRSP in that it is a tax deferral tool used for retirement savings. The main difference is that a LIRA typically comes from an employer pension plan. When you leave your job, you can transfer the funds from your pension plan into a LIRA. The LIRA allows you to grow your money tax-free until you start making withdrawals in retirement, at which point you will be taxed on the amount withdrawn. This video aims to provide clarity on how a LIRA fits into your overall retirement plan.