Chartered Investment Manager (CIM) Practice Exam · Question
Mrs. Dubois, a 68-year-old retiree, has a RRIF with a market value of $500,000 at the end of the previous year. What is the minimum amount she absolutely MUST withdraw from her RRIF in the current year?
For individuals aged 65-70, the minimum RRIF withdrawal percentage is 5.4%. Therefore, Mrs. Dubois must withdraw $500,000 * 0.054 = $27,000.
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Question: Mrs. Dubois, a 68-year-old retiree, has a RRIF with a market value of $500,000 at the end of the previous year. What is the minimum amount she absolutely MUST withdraw from her RRIF in the current year?
Answer options: ✅ $27,000
- $25,000
- $20,000
- $35,000
Correct answer: $27,000
Explanation: For individuals aged 65-70, the minimum RRIF withdrawal percentage is 5.4%. Therefore, Mrs. Dubois must withdraw $500,000 * 0.054 = $27,000.
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