Transfer from LIF to RRIF

Example of Calculation

Account Balance on Jan 1*
NB LIF Maximum for 2013 (Age 50**)
x  6.23197
Maximum Income Payable from LIF
Multiply by 3            x  3
Maximum Unlocking Amount
Account Balance on Jan 1
less maximum income payable from LIF6,213.97
less maximum unlocking amount  18,695.91
= NET BALANCE75,072.12
Interest       x  1.06
Projected balance for 201479,576.45
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 RRIF18,695.91

(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).

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