Question 1. Ronald wants to know which of the benefits to be paid out to his beneficiaries can be seized by his creditors.

Which of the following assets can be seized?

a) Life insurance policy benefit naming his spouse as the beneficiary

b) Business buyout insurance policy naming his partner as an irrevocable beneficiary

c) Registered Retirement Savings Plan (RRSP) account naming his son as the beneficiary

d) Term life policy naming his sister as the beneficiary

Question 2. When Amita left her company, she received the funds from her defined contribution pension plan (DCPP). To avoid being taxed, she put them into a locked-in retirement account (LIRA).

She is now planning to retire and wants to access these funds. What should she do?

a) Move the funds into a registered retirement income fund (RRIF)

b) Move the funds into a defined contribution pension plan (DCPP)

c) Move the funds into a life income fund (LIF)

d) Move the funds into a deferred profit-sharing plan (DPSP)

Could you please explain the correct answer with detail. Thank you.