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Determine which one of the statements is true

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Reference no: EM132493067

Question 1: Jane purchased a registered annuity with funds from her RRSP in April of this year, and began to receive a monthly payment of $900 starting in May of this year. With regard to the taxation of the $900 monthly payment, which one of the following statements is true?

  1. Jane will include $7,200 in her taxable income for this year.
  2. Jane can elect on her tax return to have tax on the monthly payment deferred for up to three years.
  3. Jane's monthly payment is not taxable because the money originates from her RRSP.
  4. Jane will have to include $3,600 in income and the other $3,600 will be treated as return of the originally invested capital.

Reference no: EM132493067

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