LRIF and LIF accounts represent a conversion decision at age 71 for LIRA and locked-in RRSP accounts. Which of the following is true?
A) LRIFs and LIFs can be cashed in but will be fully taxed.
B) Some provinces have LIFs and some have LRIFs.
C) At age 80, LRIF funds must be used to purchase a life annuity.
D) LRIFs and LIFs have the same withdrawal schedule throughout the retirement years.
Correct Answer:
Verified
Q72: If you invested $10 000 in an
Q109: Use of Financial Calculator TI BA II
Q110: Use of Financial Calculator TI BA II
Q111: Use of Financial Calculator TI BA II
Q112: Tax-free withdrawals can be made from an
Q113: Pensionable earnings refers to the amount of
Q116: Use of Financial Calculator TI BA II
Q117: You are retiring and the balance of
Q118: Use of Financial Calculator TI BA II
Q119: RRSP contribution room
A)is 18 percent of the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents