One of your clients, Fernando, is approaching 71 years of age and has a few...

Vendor: CISI
Product: IFC
Update on: Aug 5, 2025
Questions: 324

CISI IFC Question Answer

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?

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

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

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

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

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