CIFC Exam Dumps | One of your clients, Fernando, is approaching 71 years of age and has a few questions regarding life

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Question 29/103

One of your clients, Fernando, is approaching 71 years of age and has a few questions regarding life income funds (LIFs).
Which of the following statements about LIFs is TRUE?

A. Fernando may make contributions to his LIF if he continues working.

B. Fernando is free to withdraw any amount from his LIF above the minimum amount.

C. Fernando can transfer money from his registered retirement savings plan (RRSP) to a LIF.

D. Fernando can transfer money from his locked-in retirement account (LIRA) to a LIF.

Correct Answer: D

Explanation
A life income fund (LIF) is a type of registered retirement income fund (RRIF) that can be used to hold locked-in pension funds as well as other assets for an eventual payout as retirement income. A LIF cannot be withdrawn in a lump sum and has minimum and maximum withdrawal amounts each year. A LIF can only be funded by transferring money from a locked-in retirement account (LIRA) or another LIF. Therefore, D is the correct answer. References: Life Income Fund (LIF): Definition and How Withdrawals Work - Investopedia, Retraite Quebec - Characteristics of an LIF

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