Reference no: EM133308210

1. Max retired in 2020 and received a 100,000 retiring allowance. Max worked for his employer for 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 in to his RRSP?

2. 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?

3. RDSP payments will impact OAS clawback calculations

True/ False

4. 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 totaled $24000. Calculate the additional tax amount that AIP will be subject to if Lois were to fully take advantage of RSP option

5. 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 to penalty, and she withdraws this amount (total time in over contribution is 2 months). How much will her penalty be?

6. At age 75, Doug Purchased a non-registered term-certain annuity with a 10-year guarantee period. The annuity will pay Doug $35,015 per year for 10 years. If Doug passes away only after 4 years, how much per year will continue to be paid to Doug's beneficiary per year for each of the remaining 6 years?