Reference no: EM132792253
Problem 1: Kurt and Magda are married and are the joint owners of KB Manufacturing Inc., a Canadian-controlled private corporation (CCPC). Kurt and Magda each hold 10,000 shares in KB Manufacturing; the cumulative unrealized capital gain on these shares is $3 million. The couple has two adult children. What statement is true?
a) Since the company is a CCPC, Kurt and Magda will not be able to claim a capital gains exemption if they dispose of their KB shares.
b) In the event either Kurt or Magda should die, the KB shares of the deceased spouse could rollover to the surviving spouse without triggering an immediate tax liability.
c) As a CCPC, Kurt and Magda can claim the small business deduction (SMABUD) on any investment income generated by KB Manufacturing.
d) If Kurt and Magda elect to transfer their KB shares to their children as of today, the couple will not incur an immediate tax liability.
Problem 2: Ralf is the annuitant under a non-qualifying RRIF established last year. The fair market value of the plan at the beginning of this year was $260,000. If Ralf is 68 years old, what is the MINIMUM amount he must withdraw from his RRIF before the end of this year?
a) $11,830
b) $13,728
c) $20,090
d) $22,410
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