Which of the Following Is True Regarding LIRA and Locked-In

question 27

Multiple Choice

Which of the following is True regarding LIRA and locked-in RRSP accounts at age 71?

• A)LRIFs and LIFs can be cashed in but will be fully taxed.
• B)Some provinces have LIFs and some have LRIFs.
• C)At age 80,LRIF funds must be used to purchase a life annuity.
• D)LRIFs and LIFs have the same withdrawal schedule throughout the retirement years.

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Definitions:

Ethical Dilemmas

Situations where individuals are required to choose between two conflicting moral principles.

Legal Consequences

The result of actions that are subject to law, which can include penalties, fines, or other legal outcomes.

Conflicts of Interest

Situations where individuals' personal interests might compromise their decision-making or duties.

Ethical Dilemmas

Situations in which a person must choose between two or more conflicting moral principles, making it challenging to decide the right course of action.