LIF Pension Income

January 15th, 2009 by Questions

I am receiving pension income from my LIF (locked-in fund) created when I left my previous employer. A) Is this income exempt from my asset calculation? and B) should I include this income in my declaration of earned income?

Posted from: Alberta


One Response to “LIF Pension Income”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

This income would be exempt from direct seizure as it is considered an exempt asset, but the monthly draw you are taking is still considered part of your “total income.” You will need to disclose it to your trustee and it will be used to determine if you have any surplus and what that surplus might be.

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