Jack transferred his RRSP to a RRIF at the end of last year. At the beginning of the year, he was 71 years of age and the fair market value of the RRIF was $300,000. The prescribed RRIF factor for a 71-year-old annuitant is 0.0528. He wanted to base the minimum withdrawal amount from the RRIF on his wife, Emma's age who is 64 years of age, with a prescribed factor of 0.0385. 

What is the minimum amount Jack must withdraw and pay tax on before the end of the year? 

Answer rating: 100% (QA)

To calculate the minimum amount Jack must withdraw from ... View the full answer