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On January 1, 2019, Mr. Rick Wormald transfers all of his RRSP funds into an RRIF. Mr. Wormald is 65 years old on that date.

On January 1, 2019, Mr. Rick Wormald transfers all of his RRSP funds into an RRIF. Mr. Wormald is 65 years old on that date. The fair market value of these assets on January 1, 2019, is $515000. The corresponding figure on January 1, 2020, is $580000. What is the minimum withdrawal that Mr. Wormald must make from the RRIF during 2020?

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