PK was ordered to pay Sangita $15,000 from his RRSP as part of their divorce settlement. Sangita transferred the amount directly from PK's RRSP into her RRIF. Shortly after his divorce, PK married Yasmin, who received $10,000 as a refund of premiums from her late husband's unmatured RRSP. Yasmin received the $10,000 in cash on July 1st of her husband's death and she deposited the entire amount into her bank account. In February of the next year, she transferred the $10,000 into her RRIF. Who must pay income tax on the funds removed from the RRSPs?
PK was ordered to pay Sangita $15,000 from his RRSP as part of their divorce settlement. Sangita transferred the amount directly from PK's RRSP into her RRIF. Shortly after his divorce, PK married Yasmin, who received $10,000 as a refund of premiums from her late husband's unmatured RRSP. Yasmin received the $10,000 in cash on July 1st of her husband's death and she deposited the entire amount into her bank account. In February of the next year, she transferred the $10,000 into her RRIF. Who must pay income tax on the funds removed from the RRSPs?
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 24CE: Casper and Cecile divorced in 2018. As part of the divorce settlement, Casper transferred stock to...
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PK was ordered to pay Sangita $15,000 from his RRSP as part of their divorce settlement. Sangita transferred the amount directly from PK's RRSP into her RRIF. Shortly after his divorce, PK married Yasmin, who received $10,000 as a refund of premiums from her late husband's unmatured RRSP. Yasmin received the $10,000 in cash on July 1st of her husband's death and she deposited the entire amount into her bank account. In February of the next year, she transferred the $10,000 into her RRIF. Who must pay income tax on the funds removed from the RRSPs?
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