In both last year and this year, Karol contributed $ to the spousal RRSP of his wife, Magda. At the end of this year, Magda transferred $ from her spousal RRSP to a spousal RRIF. Next year, if Magda withdraws the minimum required amount from her RRIF plus an additional $ what is the tax implication from this transaction?

Question options:

a

The entire amount withdrawn from Magda\'s RRIF will be taxable to Karol.

b

Magda will have to report taxable income of $

c

The entire amount withdrawn from Magda\'s RRIF will be taxable to Magda.

d

Karol will have to report taxable income of $

Answer rating: 100% (QA)

The correct tax implication from the transaction is b Magda will have to report taxable income of 20... View the full answer