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?
LIRA vs. RPP
Moderator: Mark T Serbinski CA CPA
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).
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).
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
-
Apolinarius
- Posts: 6
- Joined: Thu Jun 14, 2012 5:53 am
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.
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.