In each of February 2005, 2006 and 2007, Lyle made an annual contribution of$6,750 into a spousal RRSP. He did not make any RRSP contributions in 2008 or2009 because of tight finances. Lillian did not make any contributions. In April2009, Lyle's spouse, Lillian, withdrew $20,000 from a spousal RRSP under whichshe is the annuitant and Lyle is the contributor. What income tax consequences areassociated with the $20,000 withdrawal?$20,000 is taxable to Lillian$20,000 is taxable to Lyle$6,750 is taxable to Lillian and $13,250 is taxable to Lyle$6,750 is taxable to Lyle and $13,250 is taxable to LillianDATA SHEETOAS recovery tax 2017 income$74,788 - 121,314OAS recovery tax 2018 income$75,910 123,3862016 Money Purchase Limit$26,0102017 Money Purchase LimitS26,2302021 RRSP$ Limit$27,8302022 RRSP S Limit$29,2102018 OAS$586.662017 OAS$583.742018 CPP$1.134 17

Tax refers to the percentile charge levied by the government over the income gained by an entity.,

Answered: ght finances. Lillian did nc e,…

Business

Accounting

ght finances. Lillian did nc e, Lillian, withdrew $20,0C t and Lyle is the contribut e $20,000 withdrawal?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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