LIRA vs. RPP

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Atlaas02se
Posts: 16
Joined: Sat Jun 02, 2012 9:54 am

LIRA vs. RPP

Post by Atlaas02se »

What is the difference between an employer sponsored pension (RPP-registered pension plan) and Locked-in retirement account (LIRA)?

What is the difference in reporting?

From what I can gather, RPP is not reported on FBAR and 8891. It is reported on 8938.
But, LIRA is reported on FBAR, 8891, and 8938.

Is that correct?
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nelsona
Posts: 18385
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Correct.

A LIRA is controlled and managed by you (except for the locked-in aspect).

An RPP is held by the either the employer (while working) and/or trustee (after leaving firm).
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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Apolinarius
Posts: 6
Joined: Thu Jun 14, 2012 5:53 am

Post by Apolinarius »

Hey..
BAsicallu A Locked-In Retirement Account (LIRA), and the virtually identical Locked-in Retirement Savings Plan (LRSP), are Canadian investment accounts designed specifically to hold locked-in pension funds for former plan members, former spouses or common-law partners, or surviving spouses or partners.
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