Solution-What amount will you pay tax when you withdraw the

What amount will you pay tax when you withdraw the funds

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Reference no: EM133040355

Question - If you contributed $50,000 over many years to your RRSP and it has a value today of $397,000, on what amount will you pay tax when you withdraw the funds during your retirement years?

1. There is no tax to be paid in retirement

2. Only on the $347,000 growth as it is withdrawn

3. On all $397,000 as it is withdrawn

4. Only on the initial $50,000 for which you received the deduction

Reference no: EM133040355

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What amount will you pay tax when you withdraw the funds

Reference no: EM133040355

Reference no: EM133040355

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