Wilhelm has just completed his PhD. Although, he was in the workforce several years ago, Wilhelm quit his job to return to school and as a full-time student, he does not have any income for this year. However, he has already accepted a research position at a hospital which will pay him $100,000 effective January 1st of next year. On December 15th of this year, Wilhelm receives a notice from the city advising him that his unpaid property taxes of $22,000 are due within 90 days. The only source of savings Wilhelm has is the $65,000 he accumulated in his RRSP several years ago. What is the MOST tax efficient strategy for Wilhelm? Oa) defer withdrawing the required amount from his RRSP to pay his property taxes to March 1st of next year (assuming next year is not a leap year) Ob) defer withdrawing the required amount from his RRSP to pay his property taxes to the latest possible date: March 15th of next year
Wilhelm has just completed his PhD. Although, he was in the workforce several years ago, Wilhelm quit his job to return to school and as a full-time student, he does not have any income for this year. However, he has already accepted a research position at a hospital which will pay him $100,000 effective January 1st of next year. On December 15th of this year, Wilhelm receives a notice from the city advising him that his unpaid property taxes of $22,000 are due within 90 days. The only source of savings Wilhelm has is the $65,000 he accumulated in his RRSP several years ago. What is the MOST tax efficient strategy for Wilhelm? Oa) defer withdrawing the required amount from his RRSP to pay his property taxes to March 1st of next year (assuming next year is not a leap year) Ob) defer withdrawing the required amount from his RRSP to pay his property taxes to the latest possible date: March 15th of next year
Chapter13: Tax Credits And Payment Procedures
Section: Chapter Questions
Problem 32P
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Wilhelm has just completed his PhD. Although, he was in the workforce several years ago, Wilhelm
quit his job to return to school and as a full-time student, he does not have any income for this
year. However, he has already accepted a research position at a hospital which will pay him
$100,000 effective January 1st of next year. On December 15th of this year, Wilhelm receives a
notice from the city advising him that his unpaid property taxes of $22,000 are due within 90 days.
The only source of savings Wilhelm has is the $65,000 he accumulated in his RRSP several years
ago. What is the MOST tax efficient strategy for Wilhelm?
a) defer withdrawing the required amount from his RRSP to pay his property taxes to March 1st of
next year (assuming next year is not a leap year)
Ob) defer withdrawing the required amount from his RRSP to pay his property taxes to the latest
possible date: March 15th of next year
Oc) withdraw the required amount from his RRSP to pay his property taxes before the end of this
year
Od) Wilhelm should simply sell his house.
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