Is LIRA a tax deduction on Ontario tax return like RRSP?

Losing my job, pension is vested and i have choice to transfer funds into LIRA...i just want to know if this is the same as RRSP for income tax purposes

This money was pension money. When you contribute to a pension, the employer takes the contributions into account when you are paid, so you pay less tax right away and don't get a refund at the end of the year. Contributions to you pension were already deducted from your taxes in the year you contributed them, so the transfer would not be an additional deduction from your taxes. Just like an RRSP, when you start getting paid out of the LIRA, you'll have to pay tax on the amount.

Here is a pretty straightforward site explaining about LIRA's.

http://www.gov.mb.ca/labour/pension/broc...

Tags

　　Investment Account 　　Invest Money 　　Invest in Gold 　　Invest Fund 　　Income Fund 　　HYIP 　　High Yield 　　Hedge Fund

Related information

I need to raise more capitol for my business Is there any firms that can link me to private investors ?

Go to the link below and you will find all types of resources for small businesses.

...

Are excess scholarships taxed by the Canadian Government?

Scholarships and bursaries are normally not taxable, as long as you use them for a program that entitles you to claim the Education Amount (normally this means you attend an accredited school). I ...

Roth IRA early distribution?

You will not pay a penalty on the returned contribution, but you do have to report it. The $4K that was returned to you before the due date of the return is treated as if it was never contribute...

Which job is better - current or new job?

OK, this one is not really about money: it's about frustration levels and being compensated for your efforts/responsibilities. As you describe it, job #2 much better suits you and your abilit...

Business Taxes on booth rental?

The income you receive is the check that the mall cuts to you. Then you can subtract your costs for the goods sold and any other legitimate business expenses. So I hope that the "mall&qu...

Having trouble getting a checking acct and debit card?

Sometimes it linked to all banks but.i would still try.I know a few of daughters friends had same trouble.I had one daughter who worked for bank of america..they close your account after 90 days of...

Hi , one of my friend earns like $1800 permonth and she wants to know what is the best way to invest?

1. Pay off all credit cards. 2. She needs to figure out what her monthly expenses are. 3. She needs to put enough money in a FDIC insured savings account to handle expenses for 3 - 6 months. ...

How did my husband change status of a corporation when?

Get an attorney now! Go the police department and file a complaint about the forgery. He has forged something else to change the status of YOUR corporation. File charges for that. You are going...