Example of Calculation
|Account Balance on Jan 1* ||100,000.00 |
|NB LIF Maximum for 2013 (Age 50**)||x 6.23197|
|Maximum Income Payable from LIF||6,213.97|
|Multiply by 3|| x 3|
|Maximum Unlocking Amount||18,695.91|
| || |
|Account Balance on Jan 1||100,000.00|
|less maximum income payable from LIF||6,213.97|
|less maximum unlocking amount|| 18,695.91|
|= NET BALANCE||75,072.12|
|Interest|| x 1.06|
|Projected balance for 2014||79,576.45|
|NB LIF Maximum for 2014 (Age 51)|| x 6.26996|
Projected maximum amount of income payable in the following year...
|The amount requested to be transferred to RRIF||18,695.91|
(The lesser of three times the Maximum Income Payable from LIF and 25% of the balance in the LIF)
*If the LIF is opened after January 1, strike out January 1 on Form 3.3 and replace it with the date on which the funds were transferred to the LIF.
** The rate used in the calculation is determined by the age of the owner on December 31 of the year in which the transfer is made. (Example: Date of birth of the owner is November 15, 1963 and transfer is requested in March 2013. Therefore, the rate for age 50 would apply).