Orlando Winter received the following amounts in the current year:

• Life insurance proceeds on the death of his father	$128,000
• Foreign pension benefits	8,200
• Pension benefits from employer’s pension plan	24,000
• Won on a trip to the casino in Niagara	5,200
• RRSP withdrawal (Homebuyers plan)	30,000
• Old age security (OAS) payments	7,400
• Gift from his former supervisor	1,000

Required:

Determine the amount to be included in Orlando’s income for tax purposes for the current year.

Please indicate the amounts that are zero.

Answer rating: 100% (QA)

ANSWER Amount Income Explanation As a norm when the beneficiary Life receives the de... View the full answer