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Which of the following is true regarding LIRA and locked-in RRSP accounts at age 71? Some provinces have LIFs and some have LRIFs. At age
Which of the following is true regarding LIRA and locked-in RRSP accounts at age 71?
Some provinces have LIFs and some have LRIFs. | ||
At age 80, LRIF funds must be used to purchase a life annuity. | ||
LRIFs and LIFs can be cashed in but will be fully taxed. | ||
LRIFs and LIFs have the same withdrawal schedule throughout the retirement years. |
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