Philip is 60 years old and just retired Philip contributed $4,000 to his TFSA in 2019 Tax-Free Savings Account (TFSA): Annual Limits

Your grandfather wants to establish a scholarship in his father's name at a local university and has stipulated that you will administer it. As you've committed to fund a $15,000 scholarship every year beginning one year from tomorrow, you'll want to set aside the money for the scholarship immediately. At tomorrow's meeting with your grandfather and the bank's representative, you will need to deposit (rounded to the nearest whole dollar) so that you can fund the scholarship forever, assuming that the account will earn 4.50% per annum every year. Oops! The bank representative just reported that he misquoted the available interest rate on the scholarship's account. Your account should earn 7.00%. The amount of your required deposit should be revised to relationship between the interest rate earned on the account and the present value of the perpetuity. This suggests there is

Jack enjoys spending his vacations in Las Vegas. He’s especially fond of playing Roulette and Blackjack.  In 2022, Jack won $12,000 playing roulette, but lost $15,000 on Blackjack.  How should these events be reported on his taxes?

I need answers for Question a,b,c,d

Your mother's employer offers a tax-deferred retirement plan (a 401-b plan, which was authorized by Congress to encourage savings) which would permit her to invest, tax-free until she retires, up to 15 percent of her salary. Once you are out of school (one year from today), she figures she can save $1,000 every 6 months, or $2,000 per year. The insurance company which manages the retirement fund promises to pay a stated (or simple) rate of 12 percent per year, but with quarterly compounding. If your mother invests $1,000 each six months, starting six months after you graduate (or 18 months from today), how much will she have 5 years from now, assuming the last payment is made at the end of Year 5? (Hint: She will make a total of 8 payments.) Group of answer choices $9,929 $12,300 $12,462 $9,897 $10,000

30 After reviewing her financial affairs, Jasmine has determined that she would like the $75,000 death benefit from one of her insurance policies to go to a local registered charity. The whole life policy in question has a $45,000 cash surrender value (CSV) and she pays an annual premium of $500. Jasmine's current cash flow situation is quite good. She is living a comfortable retirement. However, she is worried as she has assets, that of the taxes that will be payable after her death will result in considerable capital gains. She is unable to purchase a new life insurance to cover the income tax triggered at death because of her health. What should Jasmine do to fulfill her desire to donate $75,000 to the registered charity and alleviate the taxes payable following her death? NVBDQncreUJQWW1 Ya0w4cWZjYVhIQT09 → a. O Surrender the life insurance policy and donate the CSV. b. O Name the registered charity as beneficiary of the life insurance policy. c. O Assign the life insurance policy…

Cheryl and Terrell have been married for 35 years. Cheryl turned 71 on May 5, 2023, and had a big celebration. Terrell's 67th birthday is coming up on January 16, 2024. Cheryl has already started planning for his birthday. Cheryl is the financial guru in the family and knows to convert her Registered Retirement Savings Plan (RRSP) to a Registered Retirement Income Fund (RRIF) before December 31, 2023. She estimates that the Fair Market Value (FMV) of her RRIF on January 1, 2024, will be $792,500. She knows that her spouse's age is important in the RRIF withdrawal calculation. She estimates that Terrell's Registered Retirement Savings Plan (RRSP) investments will have a Fair Market Value on January 1, 2024, of $488,325. Based on the information Cheryl provided, what is the minimum amount she must withdraw from her RRIF amount in 2024, taking advantage of Terrell's age? Age and RRIF Factors RRIF Factors 4.00% 4.17% 4.35% 4.55% 4.76% 5.00% 5.28% 5,40% 5.53% 5.67% Age 65 66 67 68 69 70 71…

Homework In 2019, Joshua gave $12,400 worth of Microsoft stock to his son. In 2020, the Microsoft shares were worth $22,000 What was the total amount removed from Joshua's estate in 2020? Total amount removed Saved C

Owen is considering giving a large charitable contribution to an organization in the current year. Owen's adjusted gross income for the year will be $150,000. He wants to contribute $80,000 in either cash or property. If he contributes cash to a public charity, he can deduct $ 48000 this year. If he contributes capital gain property that is worth $80,000 to a public charity, he can deduct $24000 Or, if he contributes the publicly traded stock to a private nonoperating foundation, he can deduct $ 16000 year. Correct Answer 90000 45000 30000 this

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