Secure Your Retirement with Confidence
We turn savings into sustainable income — for life.
Top 3 Features
- Income Planning that Lasts
We help you convert savings into income — and make it last. - Early & Late Retirement Strategies
From LIRA to RRIF, we plan every stage. - Tax-Efficient Withdrawals
Withdraw wisely with custom tax planning built in.
Why Barack?
- RRSP to RRIF conversion and timing
- Pension unlocking guidance across provinces
- Withdrawal strategies for your lifestyle
- Spousal rollover and estate support
Registered Retirement Savings Plan (RRSP)
Save Smart. Retire Confident.
A Registered Retirement Savings Plan (RRSP) is one of Canada’s most effective tools for long-term wealth accumulation. Whether you’re planning for retirement, buying your first home, or returning to school — an RRSP offers tax advantages, investment growth, and flexible options tailored to your life goals.
What Is an RRSP?
An RRSP is a government-registered investment account. Contributions are tax-deductible, and investments grow tax-deferred until withdrawn.
Key Benefits:
- Immediate Tax Relief
- Tax-Deferred Growth
- Wide Investment Choices
- Carry Forward Room
- Spousal RRSP for household tax planning
2025 Contribution Limit:
Up to 18% of your 2024 earned income, to a maximum of $31,560 — plus any unused room.
Special Programs:
- Home Buyers’ Plan (HBP): Withdraw up to $35,000 tax-free to buy your first home.
- Lifelong Learning Plan (LLP): Withdraw up to $10,000/year for education.
Locked-In RRSP / LIRA
Your Pension. Your Control — With Boundaries.
What Is a Locked-In RRSP?
When you leave a job with a pension, the funds can be transferred into a Locked-In RRSP or LIRA. These accounts grow tax-deferred but have strict withdrawal rules and must be converted at retirement.
Key Features:
- Tax-deferred growth
- No personal contributions allowed
- Withdrawals are restricted
- Must convert to LIF, LRIF, or annuity
- Rules vary by jurisdiction
Accessing Funds Early:
- Shortened life expectancy
- Permanent departure from Canada
- Financial hardship (provincial rules)
- Small balance unlocking
Who Is It For?
- Former employees with DB or DC pensions
- Individuals leaving the workforce early
- Those wanting investment control within retirement rules
Registered Retirement Income Fund (RRIF)
Turn Your Retirement Savings into Reliable Income
What Is a RRIF?
A RRIF is the next step after an RRSP. You transfer funds and begin drawing a minimum annual income. Investments continue growing tax-deferred.
Key Features:
- Mandatory withdrawals starting the year after opening
- No maximum limit
- Flexible investment options
- Spousal continuation on death
Withdrawal Requirements:
Must be converted by age 71. Minimum withdrawals increase with age.
- Age 71: 5.28%
- Age 75: 5.82%
- Age 80: 6.82%
- Age 85: 8.51%
- Age 90+: 11.92%
Who Should Consider a RRIF?
- Retirees wanting steady income
- Those needing tax-efficient withdrawals
- Families planning for estate and spousal rollover
Life Income Fund (LIF)
Turn Your Locked-In Pension Into Flexible Retirement Income
What Is a LIF?
A LIF converts your locked-in pension into structured retirement income. It works like a RRIF but with annual minimum and maximum withdrawal rules.
Key Features:
- Tax-deferred investment growth
- Min & Max withdrawal ranges (by law)
- Broad investment choices
- Spousal rollover on death
- No additional contributions allowed
2025 LIF Withdrawal Examples (Age 65):
- $100,000 → $4,000 min, ~$7,500 max
- $250,000 → $10,000 min, ~$18,750 max
- $500,000 → $20,000 min, ~$37,500 max
Unlocking Options:
- 50% unlocking (within 60 days)
- Small balance or hardship-based unlocking
- Non-residency or medical reasons
Who Should Consider a LIF?
- Individuals 55+ with locked-in pensions
- Retirees seeking steady, flexible income
- Investors wanting pension investment control
- Those needing estate planning flexibility