Which of the following is true regarding LIRA and locked-in RRSP accounts at age 71?
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:
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