Question 1 Listen Which of the following statements about TFSAs are true? 1. Withdrawals from a TFSA are not taxable in the year of withdrawal. 2. Withdrawals from a TFSA impact eligibility for income-tested government benefits 3. The amount that is withdrawn from a TFSA is added back to one's TFSA contribution room on January 1st of the following year. 4. A TFSA must be converted to another retirement income fund in the year that one reaches age 71. 1 and 2 only 2 and 3 only 3 and 4 only 1 and 3 only
Question 1 Listen Which of the following statements about TFSAs are true? 1. Withdrawals from a TFSA are not taxable in the year of withdrawal. 2. Withdrawals from a TFSA impact eligibility for income-tested government benefits 3. The amount that is withdrawn from a TFSA is added back to one's TFSA contribution room on January 1st of the following year. 4. A TFSA must be converted to another retirement income fund in the year that one reaches age 71. 1 and 2 only 2 and 3 only 3 and 4 only 1 and 3 only
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 2MC
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