FAQ: Does LIRA/LIF Unlocking Happen Automatically?

Yes. LIRA/LIF unlocking happens automatically on the platform. It assumes a 50% unlocking percentage.

You can set the unlocking % in Advanced Options. In some provinces you can unlock some of the LIRA and put it in an RRSP/RRIF (which is more flexible than a LIF). If an unlocking percentage is set, this will happen automatically and you will see money move from your LIRA/LIF to your RRSP/RRIF.

Unlocking percentages vary from province to province. Make sure you check to see what applies to your LIRA/LIF.