IFIC Mutual Funds Licensing Practice Exam · Question
Michael, 72, holds a RRIF and is required to withdraw a minimum amount for the year. The minimum withdrawal is based on:
The minimum RRIF withdrawal is calculated using the annuitant's age (or spouse's age, if younger) at the beginning of the year and the fair market value of the
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Question: Michael, 72, holds a RRIF and is required to withdraw a minimum amount for the year. The minimum withdrawal is based on:
Answer options: ✅ His age at the beginning of the year or his spouse's age, and the RRIF's fair market value at the beginning of the year.
- His age at the end of the year and the RRIF's fair market value at the end of the year.
- His age at the beginning of the year only.
- A fixed percentage set by the financial institution managing the RRIF.
Correct answer: His age at the beginning of the year or his spouse's age, and the RRIF's fair market value at the beginning of the year.
Explanation: The minimum RRIF withdrawal is calculated using the annuitant's age (or spouse's age, if younger) at the beginning of the year and the fair market value of the RRIF at the beginning of the year. This is a core rule for RRIF withdrawals.
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