Question
Phelim, age 71. recently rolled over his registered retirement savings plan (RRSP) into a registered retirement income fund (RRIF). The RRIF now holds mutual funds
Phelim, age 71. recently rolled over his registered retirement savings plan (RRSP) into a registered retirement income fund (RRIF). The RRIF now holds mutual funds and he is considering redeeming the mutual funds to purchase a life annuity with no guaranteed period. Which of the following statements about Phelim's registered annuity is 26 CORRECT?
a) Phelim would not be able to purchase the annuity in his RRIF.
b) Phelim could name his wife Sarah as the annuitant of the registered annuity.
c) Phelim would have to include the entire payment amount as income.
d) Phelim would be required to have a beneficiary for the registered annuity.
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D Since annuities are in place keep...
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Financial Management For Decision Makers
Authors: Peter Atrill, Paul Hurley
2nd Canadian Edition
138011605, 978-0138011604
