Question
Leanne turned 71 on November 1, 2022, and converted her Registered Retirement Savings Plan (RRSP) to a Registered Retirement Income Fund (RRIF) before December 31,
Leanne turned 71 on November 1, 2022, and converted her Registered Retirement Savings Plan (RRSP) to a Registered Retirement Income Fund (RRIF) before December 31, 2022. The Fair Market Value (FMV) of her RRIF on January 1, 2023, was $589,100. Leanne knows that her spouse's age is important in the RRIF calculation; Harry will turn 67 on January 15, 2023. The Fair Market Value (FMV) of Harry's Registered Retirement Savings Plan (RRSP) on January 1, 2023, is $469,320. What is the minimum amount Leanne must withdraw from her RRIF amount in 2023, taking advantage of Harry's age?
Age | RRIF Factors |
---|---|
65 | 4.00% |
66 | 4.17% |
67 | 4.35% |
68 | 4.55% |
69 | 4.76% |
70 | 5.00% |
71 | 5.28% |
72 | 5.40% |
73 | 5.53% |
74 | 5.67% |
Select one:
a.
$24,565
b.
$31,104
c.
$25,626
d.
$20,415
e.
$31,811
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