(Beth, aged 73, has a RRIF with a current market value of $380,000.

Vendor: IFSE Institute
Product: LLQP
Update on: Jul 22, 2025
Questions: 298

IFSE Institute LLQP Question Answer

(Beth, aged 73, has a RRIF with a current market value of $380,000. The account is managed by her bank, and Beth has been disappointed with its performance so far. She is therefore thinking of transferring the RRIF to her insurance company and purchasing a registered annuity with those funds.

This would be the first time Beth is making an investment outside of the bank environment. She wonders what kind of information the insurance agent would keep on file to document the transaction.

To process the application and comply with FINTRAC requirements, which of the following records would the agent need to create and keep on file?)

1 and 2 (A suspicious transaction report and a large cash transaction record)

2 and 3 (A large cash transaction record and a third-party determination form)

3 and 4 (A third-party determination form and a Politically Exposed Person determination form)

None, as the transaction would be exempt from FINTRAC requirements.