Life Income Fund (LIF),
How To Define Life Income Fund (LIF)?
A simple definition of Life Income Fund (LIF) is: The Life Income Fund (LIF) is a type of Registered Retirement Income Fund (RRIF) offered in Canada and can be used to hold potential payments such as blocked pension funds for retirement income and other assets. Pension funds cannot be withdrawn in a single payment. Owners need to use the money to support their lifetime retirement income. Each year, the Income Tax Act sets the minimum and maximum payment amount for RRIF, including LIF. The RRIF provisions of the Income Tax Act take into account the fund balance and annual factors.
- The Life Income Fund is a type of retirement income used in Canada.
- The Government of Canada regulates various aspects of life insurance funds, in particular the amount that can be withdrawn, which is regulated annually for RRIF under the provisions of the Income Tax Act.
- Many companies in Canada offer life insurance funds to help investors distribute a variety of pensions.
Literal Meanings of Life Income Fund (LIF)
Meanings of Life:
A state that distinguishes animals and plants from non-essential substances, including growth, reproduction, active activity, and permanent change before death.
The presence of humans or animals.
The period between the birth and death of a living person, especially a person.
Significance, power or energy.
(In art) representing an article based on the original model and not the artist's imagination.
Sentences of Life
The essence of life
The catastrophe killed 266 Americans
He has lived in this country all his life
She is beautiful and full of life
Pose and clothes have been taken from life
Synonyms of Life
sparkle, fire, life span, threescore years and ten, being, panache, vigour, drive, one's time, activity, living, brio, go, duration of life, energy, elan, exuberance, spirit, vitality, liveliness, effervescence, one's career
Meanings of Income:
Money received regularly for work or investment.
Sentences of Income
Have a good house and a decent income
Synonyms of Income
earnings, wages, emolument, salary, stipend, remuneration, pay
Meanings of Fund:
Paying for a specific purpose.
The amount of savings or money available for a specific purpose.
Sentences of Fund
The World Bank refused to finance the project
Created Economic Investment Coordination Fund
Synonyms of Fund
pool, sponsor, collection, float, endow, maintain, capitalize, subsidize, support, pay for, be a patron of, finance, purse, underwrite, provide finance for, put up the money for, provide capital for, kitty, reserve, back