1. Mike's total RRSP contribution room for the current year is $8,000, while his wife Maria's room is $2,000. Mike has decided to contribute $5,000 to his own RRSP and $3,000 to a spousal RRSP for Maria. How much can Maria now contribute to an RRSP on her own behalf without exceeding her own limit?

  

2. For the past 10 years, Kirk has contributed $4,000 to a spousal RRSP for his wife, Francine. On December 31 last year, Francine transferred $10,000 from the spousal RRSP funds into a RRIF. The required minimum payment this year is 7.59%. If Francine withdraws $2,000 from the RRIF, how will the withdrawal be taxed?

 

3. Jerry died 3 weeks ago. His wife, Olive, who is 68, is eligible for a designated benefit of $175,000 from Jerry's RRIF. Jerry was to have withdrawn $8,000 from his RRIF this year but had only withdrawn $2,500 before his death. What happens to Jerry's RRIF? Can Olive transfer some of Jerry's RRIF to her own RRIF? How much and why?

 

Answer rating: 100% (QA)

1 Since Mike contributed 3000 to a spousal RRSP for Maria ... View the full answer