5 Emma has lived with her grandmother, Victoria, since Emma's parents were killed in a car accident. This year, Emma's grandmother died. Emma is 16 years of age, attends high school and earns $6,000 per year from a part-time job. Victoria named Emma as the beneficiary of her RRIF in her will. What statement is true? O a) Emma can transfer the designated benefit from Victoria's RRIF into a term annuity in her own name on a tax-deferred basis. Ob) Emma can transfer the designated benefit from Victoria's RRIF into an RRSP in her own name on a tax-deferred basis. Oc) Emma cannot transfer the designated benefit from Victoria's RRIF into a term annuity in her own name on a tax-deferred basis because she earns an income. Od) The designated benefit from Victoria's RRIF cannot be transferred to Emma because she is not a spouse, common-law partner or child of Victoria.
5 Emma has lived with her grandmother, Victoria, since Emma's parents were killed in a car accident. This year, Emma's grandmother died. Emma is 16 years of age, attends high school and earns $6,000 per year from a part-time job. Victoria named Emma as the beneficiary of her RRIF in her will. What statement is true? O a) Emma can transfer the designated benefit from Victoria's RRIF into a term annuity in her own name on a tax-deferred basis. Ob) Emma can transfer the designated benefit from Victoria's RRIF into an RRSP in her own name on a tax-deferred basis. Oc) Emma cannot transfer the designated benefit from Victoria's RRIF into a term annuity in her own name on a tax-deferred basis because she earns an income. Od) The designated benefit from Victoria's RRIF cannot be transferred to Emma because she is not a spouse, common-law partner or child of Victoria.
Chapter27: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 27CE
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Transcribed Image Text:5
Emma has lived with her grandmother, Victoria, since Emma's parents were killed in a car accident. This
year, Emma's grandmother died. Emma is 16 years of age, attends high school and earns $6,000 per year
from a part-time job. Victoria named Emma as the beneficiary of her RRIF in her will. What statement is
true?
O a) Emma can transfer the designated benefit from Victoria's RRIF into a term annuity in her own name on
a tax-deferred basis.
Ob) Emma can transfer the designated benefit from Victoria's RRIF into an RRSP in her own name on a
tax-deferred basis.
Oc) Emma cannot transfer the designated benefit from Victoria's RRIF into a term annuity in her own name
on a tax-deferred basis because she earns an income.
Od) The designated benefit from Victoria's RRIF cannot be transferred to Emma because she is not a
spouse, common-law partner or child of Victoria.
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