Douglas, aged 73, won a lottery prize of $100,000 last week.

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Douglas, aged 73, won a lottery prize of $100,000 last week. Today he contacted Vincent, his Dealing Representative, with instructions to contribute the winnings to his registered retirement income fund (RRIF) account.

Which of the following statement about RRIF is CORRECT?

Deposits to RRIFs cannot be withdrawn for 5 years.

Deposits into RRIFs are not permitted.

Deposits to a RRIF entitle Douglas to a tax deduction.

Withdrawals from a non-qualifying RRIF are not taxable.

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Douglas, aged 73, won a lottery prize of $100,000 last week.

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