Canadian Securities Course (CSC) Practice Exam · Question
Michael, aged 68, has a Registered Retirement Income Fund (RRIF). He is concerned about minimizing his taxable income while ensuring sufficient cash flow to cover his living expenses. What is the minimum withdrawal percentage for a RRIF holder at age 68, as per Canadian tax regulations?
The minimum RRIF withdrawal percentage for a 68-year-old is 4.34%. These percentages increase with age to ensure funds are drawn down over an expected lifespan.
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Question: Michael, aged 68, has a Registered Retirement Income Fund (RRIF). He is concerned about minimizing his taxable income while ensuring sufficient cash flow to cover his living expenses. What is the minimum withdrawal percentage for a RRIF holder at age 68, as per Canadian tax regulations?
Answer options:
- 3.06%
- 4.00% ✅ 4.34%
- 5.00%
Correct answer: 4.34%
Explanation: The minimum RRIF withdrawal percentage for a 68-year-old is 4.34%. These percentages increase with age to ensure funds are drawn down over an expected lifespan.
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