The Government of Quebec approved rule changes to Quebec-regulated Life Income Fund (LIF) withdrawals, which will take effect on January 1, 2025. The changes include: no withdrawal limit for LIF owners aged 55 and older, no more transferring the difference between LIF maximum and LIF minimum to an unlocked RRSP or RRIF and a new formula for calculating maximum temporary income and life income limits for LIF owners under the age of 55 years.
