How will this withdrawal be taxed

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Reference no: EM132800823

Question - Cody Bryant's spouse has had an RRSP for several years, while she was working outside the home. For the first time, during 2018, she stopped working and Cody began making spousal RRSP contributions. The amount of the 2018 contribution is $4,500 and this is followed, in 2019, by an additional contribution to his spouse's plan of $5,500. Cody deducts both of these contributions. At the beginning of 2020, his spouse's plan has a balance of $226,000. During this year, she withdraws $11,000 from her RRSP. How will this withdrawal be taxed?

Reference no: EM132800823

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