Home > Glossary > Locked-in Retirement Account (LIRA)
Meaning / Definition of
Locked-in Retirement Account (LIRA)
Categories: Retirement and Pension,
A Canadian investment fund that allows an individual to save money for retirement. The money deposited is allowed to accrue interest (which goes right back into the LIRA), the money is tax-deferred, and there are no allowances for early withdrawal, either in whole or in part. The funds must remain in the account until an individual's retirement.
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