Which of the following statements with respect to RRSP terminations is NOT correct?
A) All RRSPs must be terminated in the year an individual turns 71 years old.
B) A lump sum withdrawal from an RRSP is not eligible for pension income splitting.
C) If an individual has terminated his RRSP because he has turned 71, he can no longer make RRSP contributions, even if he has Earned Income.
D) If RRSP funds are used to purchase a life annuity, only the annuity payments would be subject to tax.
Correct Answer:
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