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Exam CIFC Topic 1 Question 119 Discussion

Actual exam question for IFSE Institute's CIFC exam
Question #: 119
Topic #: 1
Lucas is 60 years old and continues to work. He presently is a plan holder of a registered retirement savings plan (RRSP). He is considering changing his RRSP to a registered retirement income fund (RRIF).
Which of the following statements is CORRECT?

Suggested Answer: B Vote an answer

Explanation
A registered retirement income fund (RRIF) is a type of registered plan that provides a stream of income in retirement. A RRIF can be created by converting an RRSP, but once the conversion is done, the plan holder can no longer make contributions to the RRSP or the RRIF. Therefore, any unused RRSP contribution room is lost after the conversion. The other statements are incorrect because:
A: There is a minimum age to be an annuitant to a RRIF, which is 71 years old. However, a plan holder can convert an RRSP to a RRIF at any age before 71.
C: Minimum withdrawals are required to start in the year following the year the RRIF was established, not in the current calendar year.
D: Investments that qualify as an eligible investment for a RRIF are the same as for an RRSP, such as mutual funds, stocks, bonds, GICs, etc. References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 6: Registered Plans, Section 6.2:
Registered Retirement Income Fund (RRIF), page 6-81
Registered Retirement Income Fund (RRIF) - Canada.ca2

by Nicholas at Feb 07, 2024, 04:56 PM

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