Reference no: EM133308208

Questions

1. Five years ago, Mike purchased $7500 of shares in MNO. The current market value of the share is $2,200. If he makes an in-kind contribution to his son RESP, the contribution will total how much?

2. A benefit of Tax saving account program is that you can withdraw your saving from your TSFA at any time with no penalty, and the following year those withdrawals can be back into our TSFA in addition to the annual contribution limit

True/ False

3. Max retired in 2020 and received a 100,000 retiring allowance. Max worked for his employer for the past 18 years and always contributed the maximum he could to his RRSP contribution room. He never belonged to a registered pension plan or a deferred profit-sharing plan during any of those years. What is the maximum amount of retiring allowance that Max can shelter from tax by transferring directly into his RRSP?

4. Charles, a resident of Collingwood, On, withdrew $4,800 in a lump sum from his RRIF this year in addition to his regular monthly RRIF payment. What dollar amount of withholding tax would apply to Charles's RRIF withdrawal?

5. RDSP payments will impact OAS clawback calculations

True/ False

6. Lois is the subscriber of an RESP that she has collapsed as her daughter decided not to pursue higher education. Lois has current RSP contribution room of 14,500. The AIP payment totalled $24000. Calculate the additional tax amount that AIP will be subject to if Lois were to fully take advantage of RSP option

7. Your Friend informs you that she always maximizes her TFSA and forgot this when she over contributed by 2000$. You advise her that she will be subject penalty and she withdraws this amount (total time in over contribution is 2 months). How much will be her penalty?