RRIF ACCOUNTS
RRIF Accounts Quiz
Test your knowledge of Registered Retirement Income Funds (RRIF) with our engaging quiz! Dive into essential facts and concepts surrounding RRIF accounts, including payment calculations, withdrawal regulations, and taxation.
- 12 multiple-choice questions
- Learn as you go!
- Perfect for financial advisors and clients alike
When will the 2023 annual RRIF minimum payment be calculated?
January 1, 2023
December 31, 2022
November 15,2022
December 25, 2022
None of the Above
At what age is a client required convert their RRSP to a RRIF?
80
71
65
There is no age requirement
True or False: Head office has a deadline before which we need to process the RRIF minimum annual payments?
True
False
After a RRIF conversation, when is the annual minimum withdrawal mandatory?
There is no mandatory rule. The client can choose to withdraw when they like
The client must withdraw immediately once the RRIF has been opened.
The client must make withdrawals in the following year after the RRIF has been opened.
True or False? LIFs have a minimum and a maximum annual payment
True
False
Beatrice's 2022 annual minimum RRIF payment is $5,000. She has not withdrawn any of this amount so far this year. She would like this amount sent to her bank account on file. Last year, she did the same but she paid 30% withholding tax on the withdrawal. The advisor has advised to take 40% withholding tax on this year's withdrawal. Does Beatrice need to sign form?
No, because it is the minimum annual payment
No, it because she had a withholding tax on last year's with
Yes, because we always need a form signed for the annual minimum RRIF payment
Yes, because the withholding tax is higher
True or False: If a client would like to withdraw more than the minimum but less than the maximum payment on a LIF account, the excess amount over the minimum is taxable?
True
False
Can LIF annual minimum payments be withdrawn monthly by setting up a SWP?
Yes, of course!
No, it is a locked-in plan. No SWPs are permitted.
How many partial RRIF withdrawals are permitted without a de-reg fee?
4
3
2
1
There are never de-reg fees on partial RRIF withdrawals.
Peter's RRIF annual minimum payment is $4000 and is in a DFA Balanced Portfolio in his TFSA and RRIF. It is now October and he would like to contribute the remaining funds into his TFSA at 10% withholding tax (same as last year). He took out $1000 in January this same year. You would process this as follows:
Today, transfer $4,000 in-kind to his TFSA with no tax. Need in-kind form signed by us.
Today, sell $4,000 in his RRIF and buy $3,600 in his TFSA .Need in-kind form signed by us. In two days, move $4,000 gross ($3,600 net) CASH to his TFSA.
Today, sell $4000 in his RRIF and buy $2,700 in his TFSA .Need in-kind form signed by us. In two days, move $3000 gross ($1,700 net) CASH to his TFSA.
Today, sell $3000 in his RRIF and buy $2,700 in his TFSA .Need in-kind form signed by us. In two days, move $3000 gross ($2,700 net) CASH to his TFSA.
True or False: A RRIF account can have a maximum?
True
False
Olga would like to move her Spousal RRIF annual minimum payment to her joint Open account with no withholding tax. Last year, she did the same but with 20% withholding tax. We need to do the following:
Place a sell in her Spousal RRIF paymentand a buy in the joint Open account for the AMP amount. Move the cash in two days.
Move the Spousal RRIF payment in-kind to the joint Open account. Process switches in the joint Open account tomorrow if necessary.
The tax is different so we need Olga to sign a form. Once we receive the form we will process as indicated in answer a of this question
The tax is different so we need Olga to sign a form. Once we receive the form we will process as indicated in answer b of this question
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