A LIF, or Life Income Fund, is a type of registered retirement income fund (RRIF) offered in Canada that can be used to hold locked-in pension funds as well as other assets. It is a government-regulated retirement account that allows for annual withdrawal of pension income. Here are some key features of a LIF:

• Contributions grow tax-deferred within a LIF.
• Owners can choose their own investments (as long as the investments qualify).
• Funds within a LIF are creditor-protected.
• The funds in a LIF can only be used as retirement income.
• There is an annual minimum and maximum withdrawal amount.
• Withdrawals that exceed the minimum amount are taxed as income.
• LIFs are subject to applicable federal and provincial legislation depending on the jurisdiction of the retirement plan from which the funds originated.

LIFs are offered by many financial institutions in Canada. They provide individuals with an investment vehicle for managing the payouts from locked-in pension funds and other assets. The goal is that the account will help support your retirement income for the remainder of your life.