Form 5 2 application to withdraw or transfer up to 50 of the money transferred into a schedule 1 1 lif 2025

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The document provides instructions for completing Form 5.2, which is an application to withdraw or transfer up to 50% of money transferred into a Schedule 1.1 Life Income Fund (LIF) in Ontario after December 31, 2010. It outlines eligibility criteria, the application process, necessary information required from the applicant and their spouse (if applicable), and important considerations regarding tax implications and creditor protection. The form must be submitted to the financial institution administering the LIF, not to the Financial Services Commission of Ontario.

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How to use or fill out form 5.2 application to withdraw or transfer up to 50% of the money transferred into a Schedule 1.1 LIF

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Click ‘Get Form’ to open it in the editor.
In Part 1, provide your full name, date of birth, mailing address, and contact information. Ensure accuracy as this identifies you as the owner of the Schedule 1.1 LIF.
Still in Part 1, enter details about your Schedule 1.1 LIF including the financial institution's name and your policy or account number.
Move to Part 2 and specify the date when the money was transferred into your Schedule 1.1 LIF and how much was transferred on that date.
Indicate how much you wish to withdraw or transfer, ensuring it does not exceed 50% of the amount specified previously.
Complete Part 3 by certifying your application in front of a witness. Choose the appropriate certification box based on your marital status.
If applicable, have your spouse complete Part 4 for their consent if you indicated they are involved in the transaction.
Once all parts are completed, submit the application to your financial institution for processing within the required timeframe.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Can I withdraw all my money from a LIF?

As of January 1, 2025, LIF can no longer be transferred to an RRSP or RRIF. Please note that from the age of 55: You are no longer subject to a maximum withdrawal, allowing you to withdraw any amount you want. You can now request payment of all or part of the balance of your LIF in one or more installments.

Can you unlock an Ontario Lif?

The Pension Benefits Act sets out four categories of financial hardship under which you can unlock your pension funds held in a locked-in retirement account (LIRA) or life income fund (LIF). You can unlock for any of these reasons and you can unlock for a combination of reasons.

When can I unlock 50% of my LIRA?

Age 55 and over - One-time 50% unlocking: they may transfer 50% of the funds in their RLIF into an RRSP or an RRIF. Cash can then be withdrawn, from either of these vehicles, subject to any applicable income tax rules. The funds cannot be taken directly in cash from an RLIF.

What are the new Lif rules in Ontario?

Requirements for Annual Income Payments The New LIF owner may choose not to be paid any money in the first year, but must begin receiving income payments from the New LIF before the end of the second year. The fiscal year of a New LIF must end on December 31 and may not exceed twelve months.