What is the maximum amount Shelly can withdraw from her RRIF this year, given her age and account balance?

To determine the maximum amount Shelly can withdraw from her Registered Retirement Income Fund (RRIF), it’s important to understand that the RRIF withdrawal limits are based on a percentage of the account balance and the age of the account holder. As a general rule, the withdrawal minimum increases with the age of the RRIF holder.

For individuals aged over 71, the withdrawal percentage is typically around 7.38% of the account balance annually, potentially allowing for larger withdrawals based on the account's total value. Assuming Shelly is already in this age category and has an account balance that justifies a withdrawal of $56,000, this figure aligns with the maximum permissible limit set by the Canadian tax regulations for RRIF accounts.

Thus, this option is correct as it reflects the increased withdrawal capabilities for older account holders, which allows them access to necessary funds while complying with regulatory norms.

The specific percentages for those under 71 would be lower, which is likely why other figures are not correct in this scenario, but they can't exceed the calculated maximum applicable to Shelly's situation if she is indeed in the right age bracket.