Question
Which of the following account types can not be used to fund a Registered Annuity? RRSP RRIF RPP TFSA 2- Which of the following statements
Which of the following account types can not be used to fund a Registered Annuity?
RRSP
RRIF
RPP
TFSA
2- Which of the following statements regarding a LIF is false?
| LIFs are converted into a life annuity at age 80 |
| LIFs can be funded by transferring funds from an RRSP |
| LIFs have a maximum withdrawal limit |
| LIFs convert funds from LIRAs into an income stream for the annuitant
3- Henry wants to establish one or more RESPs on behalf of his two children, Krista and Stephanie, as well as his niece, Rachel. Which of the following statements are TRUE? |
Henry can establish a family RESP for Krista and Stephanie but must set up a separate plan for Rachel. Henry can establish a family RESP with Krista, Stephanie, and Rachel named as the beneficiaries. In the case of a new family plan, each beneficiary must not have reached 21 years of age when she is named as beneficiary. If one of the beneficiaries of the family plan does not attend post-secondary school, the accumulated income on contributions made on behalf of that child can be paid out to another beneficiary.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started