Best LIRA Accounts in Canada

Best LIRA Account in Canada: Ranking at a Glance

These are the nine online brokers we score that offer a LIRA or other locked-in accounts, in score order. Questrade and Desjardins share a rounded 4.3, and Wealthsimple and National Bank share 4.2; each pair is ordered by unrounded score. The fee columns show what each broker charges on a locked-in account when no waiver applies.

Who is missing. Interactive Brokers does not describe LIRAs or LIFs on the pages we checked, moomoo and Webull do not list them, and the TD Direct Investing account list we checked does not include them.

A LIF’s minimum yearly withdrawal under federal pension rules is the same as a RRIF’s. The RRIF minimum calculator below works it out for any age and balance, so you can see what a LIF would have to pay before you convert.

Master Comparison Table: LIRA and LIF Brokers

Every locked-in account each broker lists, what it charges and how it handles US dollars. You can search and sort the table. Figures come from each broker’s published pricing and account pages on October 22, 2026; “not published” or “not stated” means we could not find the item on the pages we checked.

The two columns that cost most. On a locked-in account, the account fee and any fee for holding US dollars usually outweigh trading costs, because a locked-in account may see few trades. Section 6 puts the fee rules into dollars for four account holders, and Section 8 covers US dollars.

The 9 Brokers That Offer LIRAs, Ranked

Each card covers the score, the locked-in accounts the broker lists, what a small LIRA or LIF costs there and how US dollars are handled. Scores come from our broker rating methodology; placement cannot be bought.

Managed LIRA and LIF Options

Three of the four robo-advisors we rank list locked-in accounts. They are scored on our robo-advisor rubric (fees 45%, account types 15%, portfolios 15%, minimum 10%, advice 15%). RBC InvestEase does not offer locked-in accounts.

How the $60,000 costs add up. Wealthsimple: $60,000 x 0.5% = $300 plus up to $90 in fund costs (0.15%). Questwealth: $60,000 x 0.25% = $150 plus up to $72 (0.12%). CI Direct: $60,000 x 0.60% = $360 plus up to $138 (0.23%).

Not ranked. Justwealth lists LIRAs and LIFs, but its fee tiers are published only as an image. Wealthsimple’s Automated Investing (0.25% a year, capped at $250 per account per year from $100,000) accepts LIRAs and LIFs, but it is a separate product from the ranked managed portfolios. Our best robo-advisors in Canada page compares every managed service.

1. How We Ranked the Best LIRA Accounts

The overall broker score, locked-in brokers only. Every broker we score that offers a LIRA or other locked-in account is included, in order of its overall broker score. The weights are costs 35%, account types 15%, US investing 15%, cash and margin 10%, platform 15% and safety 10%. The account types factor gives half a point for “LIRA or LIF” among 10 account types. The full rubric is in how we rate online brokers, our sourcing rules are in our editorial standards, and how WealthScale makes money explains our business model.

A worked total. Desjardins: costs 5.0 x 0.35 = 1.75; account types 4.5 x 0.15 = 0.675; US investing 5.0 x 0.15 = 0.75; cash and margin 1.5 x 0.10 = 0.15; platform 3.0 x 0.15 = 0.45; safety 5.0 x 0.10 = 0.50. The total is 4.275, shown as 4.3. The cost sub-score uses yearly commissions and account fees for two trading profiles, and the US sub-score uses US dollars in registered accounts and US commissions.

What the score leaves out. Locked-in fee thresholds, US-dollar support inside a LIRA or LIF, and the range of locked-in account names are not part of the broker score. The tables on this page show them so you can weigh them yourself. The same score orders our best RRSP accounts and best RRIF accounts lists, and every ranking sits on our compare online brokers hub.

2. What a LIRA Is and How Locked-In Money Works

Where the money comes from. Many LIRAs begin when someone leaves an employer and moves the value of a registered pension plan out of the plan. Pension law says that money must still provide retirement income, so it goes into a locked-in account rather than a regular RRSP. A LIRA can also receive money from another locked-in account.

What “locked in” means. You cannot take money out of a LIRA as cash the way you can from an RRSP, and you cannot add new contributions. The investments grow sheltered from tax, as in an RRSP, until the money becomes retirement income; our RRSP guide explains the tax rules the two accounts share. Whether any locked-in money can be paid out early depends on the pension law behind it. We could not verify those rules for every jurisdiction, so this page does not describe them. If you have a question about it, please ask your LIRA provider or the pension regulator for your plan’s jurisdiction.

How it turns into income. When you want income, a LIRA is moved into a life income fund (LIF), or into another locked-in income fund where your jurisdiction uses one, or used to buy a life annuity. A LIF pays you each year within a minimum and a maximum. LIF payments are taxable income and qualify for pension income splitting once you are 65.

3. LIRA, LRSP, LIF, LRIF and RLSP: The Names Brokers Use

Different names, same idea. Locked-in accounts carry different names depending on the pension law behind the money. The name on your pension paperwork tells you which account to open. The table shows the names the brokers on this page list.

Why the name matters. A pension plan administrator transfers money only into the type of locked-in account its pension law allows. If your paperwork says LRSP and your broker offers only a LIRA, or the reverse, please ask before you start the transfer. BMO lists the widest range, which helps if your money comes from a plan with less common account names.

Saving stage and income stage. LIRAs, LRSPs and RLSPs hold money before retirement income starts. LIFs and LRIFs pay it out. A broker that offers both stages lets you convert without changing firms; all of the top six on this page list a LIF.

4. Federal or Provincial Rules: Why Your Pension’s Jurisdiction Matters

Two kinds of pension law. Locked-in money follows the pension law of the plan it came from. Some plans are federally regulated; others are regulated by a province. The rules for a LIF, including the most you can take out each year, depend on which one applies.

How to find your jurisdiction. Your LIRA paperwork, or the administrator of the pension plan the money came from, can tell you which pension law applies. Keep that document with your account records, because every future transfer and conversion depends on it.

What does not change. Whatever the jurisdiction, a LIRA or LIF at a broker is held by an investment dealer regulated by CIRO, and your choice of broker does not change which pension law applies to the money.

5. LIRA to LIF: Minimum and Maximum Withdrawals

Converting. When you want income, the money in your LIRA moves into a LIF (or the locked-in income fund your jurisdiction uses). From then on, you take a yearly payment that sits between a minimum and a maximum.

The minimum under federal rules. For a federally regulated LIF, the yearly minimum is the same Income Tax Act minimum that applies to a RRIF: the January 1 value times a factor for your age. If you do not choose an amount, the minimum is paid.

The maximum under federal rules. Until the year you turn 90, the most you can take from a federally regulated LIF is set by a formula: the balance divided by an annuity factor. From the year you turn 90, there is no maximum and the whole balance can be paid out. Provincially regulated LIFs have their own maximums, which vary by province.

Paying yourself from a LIF. As with a RRIF, the payment has to come from cash, so plan sales ahead of each payment date. Our best RRIF accounts page covers payment scheduling and cash interest by broker, and the full factor table is on our RRIF minimum withdrawal page. The RRIF calculator projects the federal LIF minimum year by year.

6. Fees on Small LIRAs and LIFs: Four Account Holders

What we assumed. Each holder trades Canadian ETFs online at the standard commission and has no other assets at the firm, no waiver and no other account. Robo-advisor costs include the highest published fund cost. These examples are hypothetical.

Where the fees bite. Desjardins charges a LIRA $100 below $15,000 and a LIF $100 below $25,000, so it charges the $12,000 LIRA and the $18,000 LIF but not the $20,000 LIRA. National Bank’s $100 applies below $20,000 in eligible assets on May 31. Scotia iTRADE’s $100 applies below $25,000 with fewer than 12 trades, so it adds 2 x $9.99 = $19.98 for $119.98. CIBC’s $100 applies only at $10,000 or less, so none of these holders pays it.

Why this matters more for a LIRA. You cannot add money to a LIRA to clear a fee threshold. A $12,000 LIRA charged $100 a year pays 0.83% of its value in fees ($100 / $12,000) every year it stays below the line, unless investment growth carries it over. At Questrade, Wealthsimple, Qtrade, BMO or RBC, the same account pays no account fee.

Waivers. National Bank waives its fee for account holders aged 30 or under; CIBC exempts new clients in year one; Scotia iTRADE’s fee falls away at 12 or more trades a year. Please check each waiver against your situation.

7. Moving Pension Money Into a LIRA, and a LIRA Between Brokers

From a pension plan. When you leave an employer, your pension plan may offer to move the value of your pension out of the plan. If you choose that, the plan administrator transfers the locked-in money directly to the LIRA you open, so it never passes through your hands. Open the LIRA first, using the account name your plan requires, and give the administrator the broker’s transfer details. Wealthsimple states that it accepts pension transfers in.

From one broker to another. The new broker requests the transfer with its form, and the locked-in status moves with the money. The receiving account must be the same locked-in type under the same pension law. Fees on the way out and rebates on the way in follow the same rules as other registered accounts.

The transfer fee calculator below shows which brokers would cover your current firm’s transfer-out fee for the amount you plan to move.

Offers with end dates. Qtrade’s Fall Offer 2026 accepts new accounts until January 5, 2027. Please read each offer’s terms on eligible accounts and hold periods before you count on a bonus. Our guide on how to transfer an investment account covers the forms and timing.

8. Self-Directed LIRA Investing: Holdings, US Dollars and US Stocks

What a self-directed LIRA can hold. At a broker, a self-directed LIRA can hold stocks, ETFs, bonds, GICs and cash, much like an RRSP. You choose the mix. WealthScale does not recommend specific investments, but a LIRA often has a long time before it pays out, and a LIF that is already paying needs cash on hand for each payment. Our guide on how to invest in Canada explains the main asset types.

US dividends are exempt from US withholding. LIRAs and LIFs are retirement arrangements under Article XXI(2) of the Canada-US tax treaty, so US dividends and interest paid into them are exempt from US withholding once the broker has the account documented. In a TFSA or non-registered account, 15% is withheld instead.

Holding US dollars. A LIRA that can hold US dollars lets US-listed holdings and their dividends stay in US dollars. Questrade lets registered accounts hold US dollars at no extra cost; Desjardins offers US-dollar LIRAs and LIFs with no fee stated; National Bank offers a US-dollar LIRA with no US-dollar fee listed; Wealthsimple adds a US-dollar account to a LIRA for $10 plus tax a month on Core ($120 a year before tax) but not to a LIF; our Wealthsimple USD accounts review explains that account. The other brokers did not state a US-dollar option for locked-in accounts.

US commissions. Questrade, Wealthsimple, Desjardins, National Bank, Qtrade and BMO charge $0 on US stock trades, while CIBC charges $6.95, RBC $9.95 and Scotia iTRADE $9.99 a trade. Our guide on how to buy US stocks in Canada walks through the steps, and the best brokers for dividend investing ranking compares DRIPs for dividend payers held in a LIRA.

9. Safety: CIPF and CDIC for Locked-In Accounts

CIPF. All nine brokers on this page are, or belong to, firms on the Canadian Investor Protection Fund’s member list. If a member dealer fails, CIPF covers missing cash and securities, with separate $1,000,000 limits for general accounts, for retirement accounts and for RESPs. CIPF’s published retirement category names RRSPs, RRIFs and LIFs; please ask your dealer which category your LIRA is reported in. CIPF does not cover market losses or crypto assets.

CDIC. CDIC insures eligible deposits and GICs, not stocks, bonds, ETFs or mutual funds. Its separate categories include RRSPs and RRIFs, each up to $100,000 per member institution. If your LIRA or LIF holds GICs or deposits, please ask the issuing institution which category they fall under.

CIRO. The Canadian Investment Regulatory Organization regulates every investment dealer in Canada, and CIPF member firms are CIRO members.

Bank-owned or independent. Desjardins, National Bank, BMO, CIBC, RBC and Scotia iTRADE are owned by banks or a co-operative group, which is why they score 4.5 or 5.0 on safety. Questrade, Wealthsimple and Qtrade are independent CIPF members. Our page on whether Wealthsimple is safe walks through these protections at one firm.

10. How to Choose the Best LIRA Account for You

Start with your paperwork. The best LIRA account is one that offers the exact locked-in type your pension law requires, at a fee that does not apply to your balance.

1. Find the account name and jurisdiction. Check your pension paperwork for the account type (LIRA, LRSP, RLSP) and the pension law that applies.
2. Size the account. Under $25,000, rule out brokers whose $100 fee would apply, or check whether a waiver fits you.
3. Plan for the LIF. Choose a broker that also offers the income account you will need later, so you can convert without moving firms.
4. Decide on US dollars. If you will hold US-listed investments, favour a broker that lets both the LIRA and the LIF hold US dollars.
5. Choose self-directed or managed. A $0-trade broker costs $0 in broker fees; the ranked robo-advisors cost $222.00 to $498.00 a year on $60,000.
6. Check the move. Note the transfer-out fee at your current firm and any rebate or offer at the new one.
7. Open and transfer. Open the matching locked-in account, then have the pension plan or your old broker transfer the money directly.

One firm for everything. If you also hold an RRSP or RRIF, keeping the LIRA at the same broker puts all your retirement money in one view. Our best RRSP accounts ranking uses the same score.

What You Need and What You Get

10 Strategies for a Locked-In Account

Illustrative Example: From Pension to LIRA to LIF

Meet the Experts Behind WealthScale

Sharad Gondaliya, CPAWriter and tax reviewerCPA Ontario No. 61040184

Sharad is a CPA Ontario member (No. 61040184) and a Certified Public Accountant licensed in Washington and Montana, with more than 15 years in accounting and tax, a Diploma in Banking and Finance and a Certificate in Small Business Finance. He checks WealthScale content against primary sources. WealthScale is independent of his firm, Gondaliya CPA Professional Corporation, and provides general information only, not personal financial, investment, tax or legal advice.

• Chartered Professional Accountant, CPA Ontario
• Certified Public Accountant, Washington (No. 57629) and Montana (No. PAC-CPAP-LIC-033176)
• Writing on tax and registered accounts since 2021
• Reader’s Choice Award 2025 Winner, Best Accountant (Toronto)

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Neha Gupta, CFAFinancial ReviewerCFA charterholder

Neha Gupta is a CFA charterholder based in Winnipeg who has worked in financial markets since December 2005. She has published more than 2,600 investment articles and is Head of Operations and Finance at Whiteland Real Estate. She reviews WealthScale’s investing pages for accuracy.

• CFA charter, CFA Institute (awarded 2023)
• Post Graduate Diploma in Business Administration (Finance), 2008
• In financial markets since December 2005
• More than 2,600 published investment articles

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