Question: Mini - Case B: ( 4 marks ) Complete the following sentences. ( 4 marks for . 5 marks each ) a ) We are

Mini-Case B: (4 marks) Complete the following sentences. (4 marks for .5 marks each) a) We are April 3,2025, Aisha turns 25 years old on May 30,2025. When she was 18 years old, she opened a _________________ that allowed her to contribute annually to this investment account. She understands that she will never pay taxes on any investment earnings or on amounts that she withdraws. Each January 1st, she makes the maximum contribution, except in the year she turned 18, when she made that year's contribution on May 30,2018. To date Aisha has contributed a total of $__________ to this account. b) Since Aisha started working, she has also contributed the maximum amount to her ____________________. These contributions allow her to claim a ___________ on her personal income tax return. However, if she withdraws from this account, she would be required to report the amount withdrawn on her personal income tax return and pay taxes unless she qualifies under two specific programs: __________________and the_______________. Withdrawals for these two plans are not taxable, provided they are repaid according to the required schedule. c) When Aisha turns 71, she must convert her _______________ into a ________________ by December 31st of that year. Once converted, she will be required to withdraw a minimum amount each year, which is considered taxable income.

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