Tan and Gina are married. Tan has contributed $2,500 to a Spousal RRSP in Gina's name for the last 6 years and reported the deductions on his tax returns. This year, Gina decided to withdraw $15,000 from her RRSP to help finance a European vacation. What amounts should Tan and Gina report as income on their tax returns this year as a result of Gina's withdrawal from the spousal RRSP?

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Heres how the spousal RRSP withdrawal will affect Tan and Ginas tax returns Tan Recaptu... View the full answer