Jenny contributed $5,000 each year for five years to a spousal RRSP in Albert '...

CSI CSC2 Question Answer

Jenny contributed $5,000 each year for five years to a spousal RRSP in Albert ' s name. In the calendar year immediately following Jenny ' s last contribution, Albert withdrew $25,000 from the RRSP. What are the tax implications of the withdrawal for Albert and Jenny?

Albert includes $10,000 in his taxable income and Jenny includes $15,000 in her taxable income.

No effect on Jenny ' s taxable income and Albert includes $25,000 in his taxable income.

Jenny includes $25,000 in her taxable income and Albert includes $0 in his taxable income.

Jenny includes $10,000 in her taxable income and Albert includes $15,000 in his taxable income.

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Jenny contributed $5,000 each year for five years to a spousal RRSP in Albert '...

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