Jim, a long-time client of yours, is turning 71 years old in December 2021. According to CRA rules, Jim's RRSP account must be closed by the end of 2021. You recently sent Jim an e-mail to remind him about this requirement. In this e-mail you provided Jim with three possible options regarding their RRSP account: a) Close their RRSP account and take the cash. In this scenario the individual will have to have the entire amount of their RRSP to their income for the year. There will also be withholding tax. You are not recommending this option because it will result in a significant tax liability to your client. b) Open up a Registered Retirement Income Fund (RRIF) account and transfer all of the investments in the RRSP to this new RRIF account, tax free. A small portion of the money in the RRIF account must be paid out to the investment each year (approximately 5.5%), which is taxable income to the RRIF account owner. c) Use the money in the RRSP account to purchase an annuity. A life annuity must pay out to the investor a minimum amount each year for the rest of the investor's life. The amount of the annuity payout is taxable income to the investor. REQUIRED: a) List and explain three factors that you would take into consideration when deciding which one of the three options would be best for Jim. (9 Marks) b) Assume that Jim tells you that he likes Option #2 and Option #3. Explain to Jim: i. two (2) disadvantages for Option b); and (2 Marks) ii. two (2) disadvantages for Option c) above. (2 Marks)