Whiteboard Elag for Revie Joe retired this year and decided to spend his time pursuing his hobby of painting. Beth is the annuitant of a spousal registered retirement plan (RRSP), which Joe has contributed to. The spousal RRSP has a balance of $300,000. He has contributed every year to the spousal account. His final contribution to the spousal RRSP was made in December 2022. Year 2022 2021 2020 2019 Joe's Spousal RRSP Contribution $15,000 $15,000 $15,000 $15,000 What is the earliest year that Beth can withdraw funds from the spousal account without attributing the withdrawal to Joe having to worry about paying inome tax? O 2022 O 2023 O 2024 O 2025 Recording Whiteboard Elag for R Sujay contributes 3% of his $60,000 salary to his employer's defined contribution pension plan. His employer contributes the same amount to the plan. How will this affect his registered retirement savings plan (RRSP) contribution room for the year? O It will have no effect. RRSP contribution room is based on earned income only. O It will reduce Sujay's contribution room by $3,600. O It will reduce Sujay's contribution room by $1,800. O It will reduce Sujay's contribution room by $648.
Whiteboard Elag for Revie Joe retired this year and decided to spend his time pursuing his hobby of painting. Beth is the annuitant of a spousal registered retirement plan (RRSP), which Joe has contributed to. The spousal RRSP has a balance of $300,000. He has contributed every year to the spousal account. His final contribution to the spousal RRSP was made in December 2022. Year 2022 2021 2020 2019 Joe's Spousal RRSP Contribution $15,000 $15,000 $15,000 $15,000 What is the earliest year that Beth can withdraw funds from the spousal account without attributing the withdrawal to Joe having to worry about paying inome tax? O 2022 O 2023 O 2024 O 2025 Recording Whiteboard Elag for R Sujay contributes 3% of his $60,000 salary to his employer's defined contribution pension plan. His employer contributes the same amount to the plan. How will this affect his registered retirement savings plan (RRSP) contribution room for the year? O It will have no effect. RRSP contribution room is based on earned income only. O It will reduce Sujay's contribution room by $3,600. O It will reduce Sujay's contribution room by $1,800. O It will reduce Sujay's contribution room by $648.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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PLS HELP ASAP ON BOTH
Transcribed Image Text:Whiteboard
Elag for Revie
Joe retired this year and decided to spend his time pursuing his hobby of painting.
Beth is the annuitant of a spousal registered retirement plan (RRSP), which Joe has contributed to. The spousal RRSP has a balance of
$300,000. He has contributed every year to the spousal account. His final contribution to the spousal RRSP was made in December
2022.
Year
2022
2021
2020
2019
Joe's Spousal RRSP Contribution
$15,000
$15,000
$15,000
$15,000
What is the earliest year that Beth can withdraw funds from the spousal account without attributing the withdrawal to Joe having to worry
about paying inome tax?
O 2022
O 2023
O 2024
O 2025
Transcribed Image Text:Recording
Whiteboard
Elag for R
Sujay contributes 3% of his $60,000 salary to his employer's defined contribution pension plan. His employer contributes the same
amount to the plan. How will this affect his registered retirement savings plan (RRSP) contribution room for the year?
O It will have no effect. RRSP contribution room is based on earned income only.
O It will reduce Sujay's contribution room by $3,600.
O It will reduce Sujay's contribution room by $1,800.
O It will reduce Sujay's contribution room by $648.
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