The CANSIM rate is set monthly by the Government of Canada based on that month's average rate for long term Government of Canada bonds. The formula used to calculate clients' maximum payments is based on the previous year's November 30th CANSIM rate.
For 2008 LIF maximum calculations, a 4.22% CANSIM rate is used for Federal (PBSA), a 6.0% CANSIM reference rate is used for Quebec, Manitoba, Nova Scotia and British Columbia and a 6.0% CANSIM rate is used for the rest of Canada.
Below is the 2008 table of LIF minimum and maximum withdrawal percentages:
| Age as at January 1, 2008 | Minimum withdrawal percentage (non-qualified) | Maximum LIF withdrawal percentage for , Saskatchewan, Ontario, New Brunswick & Newfoundland | Maximum LIF withdrawal percentage for Quebec, Manitoba, Nova Scotia & British Columbia | Maximum LIF withdrawal percentage for Federal (PBSA) | Maximum LIF withdrawal percentage for Alberta |
| 50 | 2.50% | 6.27% | 6.10% | 5.35% | 6.51% |
| 51 | 2.56% | 6.31% | 6.10% | 5.39% | 6.57% |
| 52 | 2.63% | 6.35% | 6.10% | 5.43% | 6.63% |
| 53 | 2.70% | 6.40% | 6.10% | 5.47% | 6.70% |
| 54 | 2.78% | 6.45% | 6.10% | 5.52% | 6.77% |
| 55 | 2.86% | 6.51% | 6.40% | 5.57% | 6.85% |
| 56 | 2.94% | 6.57% | 6.50% | 5.63% | 6.94% |
| 57 | 3.03% | 6.63% | 6.50% | 5.69% | 7.04% |
| 58 | 3.13% | 6.70% | 6.60% | 5.75% | 7.14% |
| 59 | 3.23% | 6.77% | 6.70% | 5.82% | 7.26% |
| 60 | 3.33% | 6.85% | 6.70% | 5.90% | 7.38% |
| 61 | 3.45% | 6.94% | 6.80% | 5.98% | 7.52% |
| 62 | 3.57% | 7.04% | 6.90% | 6.08% | 7.67% |
| 63 | 3.70% | 7.14% | 7.00% | 6.18% | 7.83% |
| 64 | 3.85% | 7.26% | 7.10% | 6.29% | 8.02% |
| 65 | 4.00% | 7.38% | 7.20% | 6.41% | 8.22% |
| 66 | 4.17% | 7.52% | 7.30% | 6.54% | 8.45% |
| 67 | 4.35% | 7.67% | 7.40% | 6.69% | 8.71% |
| 68 | 4.55% | 7.83% | 7.60% | 6.85% | 9.00% |
| 69 | 4.76% | 8.02% | 7.70% | 7.03% | 9.34% |
| 70 | 5.00% | 8.22% | 7.90% | 7.24% | 9.71% |
| 71 | 7.38% | 8.45% | 8.10% | 7.47% | 10.15% |
| 72 | 7.48% | 8.71% | 8.30% | 7.73% | 10.66% |
| 73 | 7.59% | 9.00% | 8.50% | 8.03% | 11.25% |
| 74 | 7.71% | 9.34% | 8.80% | 8.37% | 11.96% |
| 75 | 7.85% | 9.71% | 9.10% | 8.76% | 12.82% |
| 76 | 7.99% | 10.15% | 9.40% | 9.22% | 13.87% |
| 77 | 8.15% | 10.66% | 9.80% | 9.74% | 15.19% |
| 78 | 8.33% | 11.25% | 10.30% | 10.35% | 16.90% |
| 79 | 8.53% | 11.96% | 10.80% | 11.08% | 19.19% |
 | | A LIF must be converted to a life annuity at age 80 for Newfoundland/ Labrador and Saskatchewan | A LIF does not need to be converted to a life annuity for any of these jurisdictions. | A LIF no longer has to be converted to a life annuity at age 80 for Federal (PBSA) | A LIF no longer has to be converted to a life annuity at age 80 for Alberta |
| 80 | 8.75% | 12.82% | 11.50% | 11.96% | 22.40% |
| 81 | 8.99% | 13.87% | 12.10% | 13.03% | 27.23% |
| 82 | 9.27% | 15.19% | 12.90% | 14.38% | 35.29% |
| 83 | 9.58% | 16.90% | 13.80% | 16.12% | 51.46% |
| 84 | 9.93% | 19.19% | 14.80% | 18.44% | 100.00% |
| 85 | 10.33% | 22.40% | 16.00% | 21.69% | 100.00% |
| 86 | 10.79% | 27.23% | 17.30% | 26.57% | 100.00% |
| 87 | 11.33% | 35.29% | 18.90% | 34.72% | 100.00% |
| 88 | 11.96% | 51.46% | 20.00% | 51.03% | 100.00% |
| 89 | 12.71% | 100.00% | 20.00% | 100.00% | 100.00% |
| 90 | 13.62% | 100.00% | 20.00% | 100.00% | 100.00% |
| 91 | 14.73% | 100.00% | 20.00% | 100.00% | 100.00% |
| 92 | 16.12% | 100.00% | 20.00% | 100.00% | 100.00% |
| 93 | 17.92% | 100.00% | 20.00% | 100.00% | 100.00% |
| 94 and above | 20.00% | 100.00% | 20.00% | 100.00% | 100.00% |
NOTE: Currently, jurisdictions of Quebec, Manitoba, New Brunswick, Nova Scotia and British Columbia allow LIF clients who begin a LIF in the middle of a calendar year to take the maximum payment for the FULL year. First year payments under all other jurisdictions must be prorated based on the number of months the LIF was in force.
Special note on LIF contracts governed by Quebec, Manitoba, Nova Scotia, British Columbia, Alberta and Federal (PBSA) pension legislation
Quebec, Manitoba, and Nova Scotia use a different calculation to determine LIF maximum withdrawal percentages than other jurisdictions, resulting in different maximum withdrawal percentages.
The British Columbia LIF maximum calculation is based on the same factors as QC, MB and NS, however, the BC calculation is the greater of the result using this applied factor and the previous year’s investment returns under the LIF contract (must be the same LIF contract).
The Alberta calculation is also now based on the applied factor and previous year’s investment returns, however, the Alberta CANSIM factor is now based on an annuity factor to age 85 rather than age 90 (as is the case for the other jurisidictions) resulting in a higher percentage available.
Federal PBSA does not require that a minimum 6.0% CANSIM rate be used, as is the case for all other jurisdictions. Since the actual CANSIM rate for 2008 is 4.22%, the Federal PBSA withdrawal percentages are less than all other jurisictions.
