Cody Bryant's spouse has had an RRSP for several years. For the first time, during 2018, Cody makes a contribution to this plan. 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?

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The Answer of Cody Bryant's spouse has had an RRSP for several years. For the first time, during 2018, Cody makes a contribution to this plan. 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?

Cody Bryant's Spouse Has Had an RRSP for Several Years