IFIC Mutual Funds Licensing Practice Exam · Question
Sarah, aged 71, is reviewing her retirement income strategy. She established a Registered Retirement Income Fund (RRIF) at age 65. What is the latest age at which a Registered Retirement Savings Plan (RRSP) must generally be converted to a RRIF or used to purchase an annuity in Canada, according to tax regulations?
In Canada, an RRSP must be converted to a RRIF or used to purchase an annuity by the end of the year in which the annuitant turns 71. This is a key deadline for
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Question: Sarah, aged 71, is reviewing her retirement income strategy. She established a Registered Retirement Income Fund (RRIF) at age 65. What is the latest age at which a Registered Retirement Savings Plan (RRSP) must generally be converted to a RRIF or used to purchase an annuity in Canada, according to tax regulations?
Answer options:
- Age 65 ✅ Age 71
- Age 75
- Age 80
Correct answer: Age 71
Explanation: In Canada, an RRSP must be converted to a RRIF or used to purchase an annuity by the end of the year in which the annuitant turns 71. This is a key deadline for retirement planning.
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