Cryptocurrency Q&A
When can I open a rif?
When can I open a rif?
noah_harrison_philosopher
Thu Jul 25 2024
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7 answers
1606
Excuse me, I was wondering if you could clarify something for me. The paragraph you've mentioned mentions opening a "rif," but I'm not entirely sure what that refers to in the context of finance or cryptocurrency. Is it a specific type of account, a financial instrument, or something else entirely? Could you please elaborate on when one might open a "rif" and what it entails? It would be greatly appreciated if you could provide some context and details.
7 answers
Rosalia
Sat Jul 27 2024
It is crucial to comprehend the significance of transitioning your RRSP to an RRIF upon reaching the age of 71. This regulation is mandatory and failure to comply could lead to unanticipated consequences.
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GangnamGlamour
Sat Jul 27 2024
Although the deadline for the transition is the end of the year in which you turn 71, you have the option to open an RRIF account prior to this milestone.
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lucas_clark_artist
Sat Jul 27 2024
However, embarking on this step earlier necessitates a crucial consideration. By opening the RRIF account ahead of time, you will be obligated to commence withdrawing the stipulated annual minimum amount.
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Luca
Fri Jul 26 2024
The annual withdrawal requirement varies based on your age, with specific percentages allocated to each age bracket.
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EchoSoulQuantum
Fri Jul 26 2024
For instance, at the age of 55, the current annual withdrawal percentage stands at 2.86%. This percentage serves as a guideline for the minimum amount you must withdraw from your RRIF account annually.
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