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Kevin has finally retired and is all set to begin enjoying life at a more relaxed pace following a long career in car sales. At
Kevin has finally retired and is all set to begin enjoying life at a more relaxed pace following a long career in car sales. At age he feels he still has plenty of time to work through his bucketlist. He has $ in RRSP and $ in a TFSA. Over the past years, Kevin has maintained a close relationship with his financial advisor Dianne and has amassed an investment portfolio which is more than sufficient to support him through a multidecade retirement. He has $ outstanding balance in his condo mortgage, he has a commitment to give an orphanage $ monthly, he wants to travel the world before he retires to a senior home once he turns years. Required Choose the most appropriate option from the ones below; Question options: Since he is no longer contributing to his portfolio RRSP and TFSA he should withdraw the money in his RRSP because it is illegal to keep the money in the RRSP if he is retired. The TFSA money can be withdrawn to fund his vacation trip and the RRSP withdrawn into a a high interest savings account. Since he is no longer contributing to his portfolio RRSP and TFSA he should transfer the money in his RRSP into an annuity plan that pays a salary every month. The TFSA money can be withdrawn to fund his vacation trip and the RRSP withdrawn into a a high interest savings account. Since he is no longer contributing to his portfolio RRSP and TFSA he should keep the money in his RRSP because of the tax implication. The TFSA money can be withdrawn to fund his vacation trip and day to day expenses. Any of the options above is correct it all depends on the plan approvedbyKevin
Kevin has finally retired and is all set to begin enjoying life at a more relaxed pace following a long career in car sales. At age he feels he still has plenty of time to work through his bucketlist. He has $ in RRSP and $ in a TFSA. Over the past years, Kevin has maintained a close relationship with his financial advisor Dianne and has amassed an investment portfolio which is more than sufficient to support him through a multidecade retirement. He has $ outstanding balance in his condo mortgage, he has a commitment to give an orphanage $ monthly, he wants to travel the world before he retires to a senior home once he turns years.
Required
Choose the most appropriate option from the ones below;
Question options:
Since he is no longer contributing to his portfolio RRSP and TFSA he should withdraw the money in his RRSP because it is illegal to keep the money in the RRSP if he is retired. The TFSA money can be withdrawn to fund his vacation trip and the RRSP withdrawn into a a high interest savings account.
Since he is no longer contributing to his portfolio RRSP and TFSA he should transfer the money in his RRSP into an annuity plan that pays a salary every month. The TFSA money can be withdrawn to fund his vacation trip and the RRSP withdrawn into a a high interest savings account.
Since he is no longer contributing to his portfolio RRSP and TFSA he should keep the money in his RRSP because of the tax implication. The TFSA money can be withdrawn to fund his vacation trip and day to day expenses.
Any of the options above is correct it all depends on the plan approvedbyKevin
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