Leslie received a settlement when her employer declared her job redundant. Under special provisions of the Income
Question:
Leslie received a settlement when her employer declared her job redundant. Under special provisions of the Income Tax Act, she was eligible to put $22,000 of the settlement in an RRSP. Fifteen years from now, she intends to transfer the money from the RRSP to a Registered Retirement Income Fund (RRIF). Thereafter, Leslie will make equal withdrawals at the end of each quarter for 20 years. If both the RRSP and the RRIF earn 4.5% com-pounded quarterly, what will be the amount of each withdrawal?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
Question Posted: