Certified Financial Planner (CFP) Practice Exam · Question
Peter, age 85, holds a RRIF with a value of $300,000 on January 1st. He needs to determine his minimum withdrawal for the year. Based on the RRIF payment schedule, what is the minimum amount Peter must withdraw?
For individuals aged 85, the minimum RRIF withdrawal percentage is 7.00%. Thus, Peter's minimum withdrawal for the year is $300,000 * 0.0700 = $21,000.
Start free practice for Certified Financial Planner (CFP) Practice Exam
444 questions · no signup required · 40 free questions per day
Question: Peter, age 85, holds a RRIF with a value of $300,000 on January 1st. He needs to determine his minimum withdrawal for the year. Based on the RRIF payment schedule, what is the minimum amount Peter must withdraw?
Answer options:
- $15,000
- $18,000 ✅ $21,000
- $24,000
Correct answer: $21,000
Explanation: For individuals aged 85, the minimum RRIF withdrawal percentage is 7.00%. Thus, Peter's minimum withdrawal for the year is $300,000 * 0.0700 = $21,000.
Start free practice for Certified Financial Planner (CFP) Practice Exam
444 questions · no signup required · 40 free questions per day
More about Certified Financial Planner (CFP) Practice Exam
More for Certified Financial Planner (CFP) Practice Exam candidates
Ready to practice?
Free, no signup required. Build a wrong-question list as you go.
Start Free Certified Financial Planner (CFP) Practice Exam Practice →Related courses
Other Canadian certifications candidates often prepare for alongside this one.