Christine and her spouse, Eric, have been setting money aside each year for retirement. A number of
Question:
Christine and her spouse, Eric, have been setting money aside each year for retirement. A number of years ago, they decided that once they had children Christine would continue to work and Eric would stay home with the children. As a result, for the past five years Christine has been contributing $5,000 per year to a spousal RRSP owned by Eric. Early in 2016, Christine made her annual $5,000 contribution for 2016. However, in September Christine and Eric found they had a significant need for cash, so they withdrew $20,000 from the spousal RRSP set up for Eric.
REQUIRED
How much of the $20,000 withdrawal should be reported by Eric and how much by Christine?
Step by Step Answer:
Introduction To Federal Income Taxation In Canada 2016-2017
ISBN: 9781554968725
37th Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett