Cherene, an Ontario resident, requires some emergency car repairs and needs to withdraw from her Registered Retirement
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Question:
Cherene, an Ontario resident, requires some emergency car repairs and needs to withdraw from her Registered Retirement Savings Plan (RRSP). Cherene has $25,000 in her RRSP and she needs $3,900 to pay the repair bill. Cherene’s marginal tax rate is 23%. If Cherene withdraws $3,900 from her RRSP, what is the net amount of the RRSP withdrawal she would receive?
a) $390
b) $3,003
c) $3,120
d) $3,510
Related Book For
Financial Management for Decision Makers
ISBN: 978-0138011604
2nd Canadian edition
Authors: Peter Atrill, Paul Hurley
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