Franco lives in Alberta with his daughter Kaylee. Last week he had an emergency and needed to

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Question:

Franco lives in Alberta with his daughter Kaylee. Last week he had an emergency and needed to withdraw funds from his RRSP. After discussing the matter with his financial advisor, Gino, he decided that $12,000 was appropriate to address the short term liquidity need. Calculate the withholding taxes that Franco’s financial institution will remit to the CRA on his behalf:

A) $1,200

B) $1,900

C) $2,400

D) $9,600