Would "qualified pension income" include payments in respect of a life annuity out of a locked-in RIF (LRIF) or Life Income Fund (LIF) where the locked-in account is funded with amounts transferred from a RPP and the recipient is under 65 years of age. CRA responded:
[LRIFs and LIFs] are treated simply as a RRIF… . [A] RRIF is not a superannuation or pension plan, and amounts transferred into a RRIF from a pension plan (or indirectly via an RRSP) do not retain their identity as pension income when paid out of the RRIF.
…[T]he stream of income payable from a LRIF or LIF would not be considered a life annuity, as the annual payments are determined each and every year by reference to the current fair market value of the property of the LRIF or LIF, and the annuitant has discretion to select the total payments to be made each year within the range permitted by the applicable income tax and pension rules.