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Glossary term
RRIF — Registered Retirement Income Fund
Registered Retirement Income Fund — conversion of RRSP to a retirement income vehicle. Must be done by end of the year you turn 71. Minimum annual withdrawals follow an age-based formula (4% at 65 rising to 18% at 95). All withdrawn taxed as income.
Related terms
LIF
Life Income Fund — locked-in RRIF converted from locked-in pension funds (LIRA). Has minimum AND maximum annu…
T1135
Foreign Income Verification Statement — CRA reporting requirement if your combined foreign assets exceed $100…
NoA fields
Key NoA fields to review: RRSP Deduction Limit (next year), Unused TFSA Contribution Room, HBP Repayments Out…
Locked-in Pension
Locked-in Retirement Account (LIRA) — created when transferring from an employer DB/DC pension plan. Cannot w…
RDSP
Registered Disability Savings Plan — tax-deferred account for people with Disability Tax Credit (DTC). Govern…
DTC
Disability Tax Credit — non-refundable federal tax credit for people with severe + prolonged impairment. Appr…
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