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Janine will celebrate her 71st birthday this year.

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Janine will celebrate her 71st birthday this year. She currently has a lot of money in a personal registered retirement savings plan (RRSP) and knows there are rules about what she can do with those funds. Which of the following is TRUE?

A.

She can convert her RRSP to a locked-in retirement income fund (LRIF).

B.

She can convert her RRSP to a registered retirement income fund (RRIF) this year or by December 31st of next year.

C.

She can take the entire amount in cash, with no tax consequences because her RRSP funds were tax-sheltered.

D.

She can purchase a registered term or life annuity.

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