Jack made monthly contributions of $200 to his son's RESP f The contributions as well as the CESG was invested at the en und that earned a return of 7% compounded monthly. If Jack lecides not to attend post-secondary education, and Jack ma Accumulated Income Payment, and his MTR is at 45%, how m axes for the withdrawal?
Jack made monthly contributions of $200 to his son's RESP f The contributions as well as the CESG was invested at the en und that earned a return of 7% compounded monthly. If Jack lecides not to attend post-secondary education, and Jack ma Accumulated Income Payment, and his MTR is at 45%, how m axes for the withdrawal?
Chapter9: Acquisitions Of Property
Section: Chapter Questions
Problem 52P
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Question
Transcribed Image Text:Jack made monthly contributions of $200 to his son's RESP for a total of 12 years.
The contributions as well as the CESG was invested at the end of every month in a
fund that earned a return of 7% compounded monthly. If Jack's son Emmanuel
decides not to attend post-secondary education, and Jack makes a withdrawal of the
Accumulated Income Payment, and his MTR is at 45%, how much will Jack pay in
taxes for the withdrawal?
8715
12,588
O 16332
11,307
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