Certified Financial Planner (CFP) Practice Exam · Question
John, who is 76, has a RRIF with a fair market value of $250,000 at the end of last year. Based on current RRIF minimum withdrawal factors, what is his minimum annual withdrawal requirement for the current year?
For an individual aged 76, the minimum RRIF withdrawal factor is 5.5%. Therefore, the minimum withdrawal is $250,000 * 0.055 = $13,750.
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Question: John, who is 76, has a RRIF with a fair market value of $250,000 at the end of last year. Based on current RRIF minimum withdrawal factors, what is his minimum annual withdrawal requirement for the current year?
Answer options:
- $12,500 ✅ $13,750
- $15,000
- $16,250
Correct answer: $13,750
Explanation: For an individual aged 76, the minimum RRIF withdrawal factor is 5.5%. Therefore, the minimum withdrawal is $250,000 * 0.055 = $13,750.
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