RRIF Withdrawals
KNOWLEDGE EXPECTED OF: QAFP® Professionals
Highest Knowledge Level: Evaluation
Knowledge Levels and Associated Verbs
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Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
|
Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
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Application
Ability to put information to use / to use knowledge for relevant, practical purposes
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Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
|
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
|
Estimate
To determine an approximate value for
|
Calculate
To find the value using mathematics
|
Convert
To change from one form or purpose to another
|
Evaluate
To reach a conclusion or make a through careful study
|
Interpret
To give the meaning of / to construe or understand / to translate orally
|
Hold cursor over or click on each term to read its definition.
- Define types of withdrawals from a Registered Retirement Income Fund.
- Annual minimum prescribed amount
- Excess amounts
- Identify the parties whose age may determine the prescribed annual minimum withdrawal amount for a Registered Retirement Income Fund.1
- Identify when the first prescribed annual minimum withdrawal amount from a Registered Retirement Income Fund must start.
- Identify factors used to calculate the prescribed annual minimum withdrawal amount from a Registered Retirement Income Fund.2
- Calculate the prescribed annual minimum withdrawal amount (in dollars) for a Registered Retirement Income Fund.3
- For a qualifying Registered Retirement Income Fund where the annuitant is under age 79 as of January 1
- For a qualifying Registered Retirement Income Fund where the annuitant is age 79 or older as of January 1
- For a non-qualifying Registered Retirement Income Fund where the annuitant is under age 71 as of January 1
- For a non-qualifying Registered Retirement Income Fund where the annuitant is age 71 or older as of January 1
- Identify who may request a withdrawal from a Registered Retirement Income Fund.
- For a personal Registered Retirement Income Fund
- For a spousal Registered Retirement Income Fund
- Explain the income attribution rules related to withdrawals from a spousal Registered Retirement Income Fund.4
- Who the income is attributed to
- Who is responsible for the tax on the withdrawal
- The timing of the withdrawal
- Explain the circumstances in which the attribution rules for the withdrawal of funds from a spousal Registered Retirement Income Fund will not apply.5
- Explain when taxes must be withheld on amounts withdrawn from a Registered Retirement Income Fund.6
- Determine the tax impact of receiving a withdrawal from a personal Registered Retirement Income Fund.
- Annual minimum prescribed amount
- Excess amounts
- Determine the tax impact of receiving a withdrawal from a spousal Registered Retirement Income Fund.
- Annual minimum prescribed amount
- Excess amounts
- Attribution rules
- Identify the current withholding tax rates for excess amounts withdrawn from a Registered Retirement Income Fund.7
- Determine how each of these factors may impact the suitability of withdrawing from a Registered Retirement Income Fund:
- Tax impact
- Loss of asset growth within Registered Retirement Income Fund
- Potential impact on government benefits
- Evaluate how each of the factors may impact the suitability of withdrawing from a Registered Retirement Income Fund.
- Calculate the withholding tax for a cash withdrawal from a Registered Retirement Income Fund.
- For a personal Registered Retirement Income Fund
- For a spousal Registered Retirement Income Fund
- Estimate the tax impact resulting from a cash withdrawal Registered Retirement Income Fund.
- For a personal Registered Retirement Income Fund
- For a spousal Registered Retirement Income Fund
- Explain how taxes payable on a cash withdrawal from a Registered Retirement Income Fund may differ from the withholding taxes collected by a financial institution.
- Calculate the impact on current and projected net worth of a withdrawal from a Registered Retirement Income Fund.
REFERENCES
KNOWLEDGE EXPECTED OF: CFP® Professionals
Highest Knowledge Level: Evaluation
Knowledge Levels and Associated Verbs
|
Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
|
Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
|
Application
Ability to put information to use / to use knowledge for relevant, practical purposes
|
Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
|
||||||
|---|---|---|---|---|---|---|---|---|---|
|
Define
To state exactly the meaning of
|
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
|
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
|
Estimate
To determine an approximate value for
|
Calculate
To find the value using mathematics
|
Convert
To change from one form or purpose to another
|
Evaluate
To reach a conclusion or make a through careful study
|
Interpret
To give the meaning of / to construe or understand / to translate orally
|
Hold cursor over or click on each term to read its definition.
- Define types of withdrawals from a Registered Retirement Income Fund.
- Annual minimum prescribed amount
- Excess amounts
- Identify the parties whose age may determine the prescribed annual minimum withdrawal amount for a Registered Retirement Income Fund.1
- Identify when the first prescribed annual minimum withdrawal amount from a Registered Retirement Income Fund must start.
- Identify factors used to calculate the prescribed annual minimum withdrawal amount from a Registered Retirement Income Fund.2
- Calculate the prescribed annual minimum withdrawal amount (in dollars) for a Registered Retirement Income Fund.3
- For a qualifying Registered Retirement Income Fund where the annuitant is under age 79 as of January 1
- For a qualifying Registered Retirement Income Fund where the annuitant is age 79 or older as of January 1
- For a non-qualifying Registered Retirement Income Fund where the annuitant is under age 71 as of January 1
- For a non-qualifying Registered Retirement Income Fund where the annuitant is age 71 or older as of January 1
- Identify who may request a withdrawal from a Registered Retirement Income Fund.
- For a personal Registered Retirement Income Fund
- For a spousal Registered Retirement Income Fund
- Explain the income attribution rules related to withdrawals from a spousal Registered Retirement Income Fund.4
- Who the income is attributed to
- Who is responsible for the tax on the withdrawal
- The timing of the withdrawal
- Explain the circumstances in which the attribution rules for the withdrawal of funds from a spousal Registered Retirement Income Fund will not apply.5
- Explain when taxes must be withheld on amounts withdrawn from a Registered Retirement Income Fund.6
- Determine the tax impact of receiving a withdrawal from a personal Registered Retirement Income Fund.
- Annual minimum prescribed amount
- Excess amounts
- Determine the tax impact of receiving a withdrawal from a spousal Registered Retirement Income Fund.
- Annual minimum prescribed amount
- Excess amounts
- Attribution rules
- Identify the current withholding tax rates for excess amounts withdrawn from a Registered Retirement Income Fund.7
- Determine how each of these factors may impact the suitability of withdrawing from a Registered Retirement Income Fund:
- Tax impact
- Loss of asset growth within Registered Retirement Income Fund
- Potential impact on government benefits
- Evaluate how each of the factors may impact the suitability of withdrawing from a Registered Retirement Income Fund.
- Calculate the withholding tax for a cash withdrawal from a Registered Retirement Income Fund.
- For a personal Registered Retirement Income Fund
- For a spousal Registered Retirement Income Fund
- Estimate the tax impact resulting from a cash withdrawal Registered Retirement Income Fund.
- For a personal Registered Retirement Income Fund
- For a spousal Registered Retirement Income Fund
- Explain how taxes payable on a cash withdrawal from a Registered Retirement Income Fund may differ from the withholding taxes collected by a financial institution.
- Calculate the impact on current and projected net worth of a withdrawal from a Registered Retirement Income Fund.
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