1. eventually a RRIF is converted to a Life Income Fund (LIF)
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Free Inquiry1- eventually a RRIF is converted to a Life Income Fund (LIF)
A LIF and a RPP are similar in that a minimum amount is paid out of each annually based on a percentage of the value of the account at the start of the year.
True
False
2- The amount that I need to have saved by the time I retire depends in large part on my lifestyle and the age that I plan to retire at.
3- If you make a spousal contribution to an RRSP
you will use your deduction limit; when funds are later withdrawn, you will include the amount withdrawn in your taxable income
you will use your deduction limit; when funds are later withdrawn, your spouse will include the amount withdrawn in his/her taxable income
you will use your spouse’s deduction limit; when funds are later withdrawn, you will include the amount withdrawn in your taxable income
you will use your spouse’s deduction limit; when funds are later withdrawn, your spouse will include the amount withdrawn in your taxable income
4- Which of the following statements about RRIFs is TRUE:
eventually a RRIF is converted to a Life Income Fund (LIF)
the minimum balance that must be maintained in a RRIF is $5,000
there is a minimum amount that you must withdraw each year
all of the above
5- Which of the following statements about RRIFs is TRUE:
eventually a RRIF is converted to a Life Income Fund (LIF)
the minimum balance that must be maintained in a RRIF is $5,000
there is a minimum amount that you must withdraw each year
all of the above
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