Sarah plans to retire next year. She has $50,000 in her RRSP. If she withdraws $10,000 this year (before retirement) and the remaining $40,000 next year (after retirement), how will these withdrawals be taxed?
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Question 2 of 5
2. Question
In 2023, Kevin didn’t contribute to his TFSA, and the annual limit was $6,000. In 2024, he plans to start contributing. How much can he contribute in 2024 assuming the annual limit remains the same?
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Question 3 of 5
3. Question
Emily, who is in a high tax bracket, received a bonus of $5,000. She wants to reduce her taxable income for the year. What should she consider doing with her bonus?
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Question 4 of 5
4. Question
Alex has a TFSA with $10,000 in investments. If he withdraws $5,000 for an emergency, what happens to his contribution room?
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Question 5 of 5
5. Question
Jordan, who is currently in a high tax bracket, considers withdrawing $20,000 from his RRSP for a home renovation. What should Jordan be aware of regarding this withdrawal?