Question
Assume Gary will transfer his RRSP assets to a RRIF at the latest possible date. At the time, he will base his minimum RRIF withdrawal
Assume Gary will transfer his RRSP assets to a RRIF at the latest possible date. At the time, he will base his minimum RRIF withdrawal requirements on Nancys age. By doing so, how much money will Gary be able to continue to defer in his RRIF in the year of his first mandatory withdrawal compared to basing his withdrawals on his own age? At that time, assume the minimum withdrawal percentage for a non-qualifying RRIF is 7.48%. Do not factor inflation or tax implications as a part of your calculations. Assume todays date is January 1st. a) $2,953.33 b) $13,875.53 c) $22,281.07 d) Gary will not be able to base the minimum withdrawal requirements on Nancys age because he has a non-qualifying RRIF
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