15. Audrey opened a TFSA and deposited $5,000 in 2009, $5,000 in 2010 and invested in Big Growth Shares which pays no dividends but which will, hopefully produce a capital gain. And, as luck would have it, by October, 2010, Audrey's shares were worth $27,000 -just the amount she needs to take that one-in-a-lifetime cruise of the Nile. If she had withdrawn the total value of the shares in 2010, how much can Audrey deposit in her TFSA in 2011? a. $5,000 b. $15,000 C. $27,000 d. $32,000 16. The main difference between a LIRA and a LIF is: a. There is no minimum withdrawal from a LIRA. b. A LIRA does not pay out income. 4 A LIF must sometimes be used to purchase a life annuity at age 80 while a LIRA must be used to purchase a life annuity at age 71. d. With a LIRA, the owner can choose the investments while this is not true for a LIF. 17. Charley, age 32, was in a motorcycle accident. His injuries were such that he will be receiving monthly, non-taxable benefits from his insurance company for many years to come. His only taxable income is the CPP Disability Benefit of about $13,000 a year. What is the maximum CDSG and CDSB he can collect if he contributes $1,500 to a Registered Disability Savings Plan? e. $2,600 f. $1,000 8 $3,500 h. $4,500 18. Ingrid transferred her RRSP to a RRIF on December 22, 2019 when she was 63. Her birthday is July 4. There was $200,000 in the RRIF at January 1, 2020. The fund earned 5% for the year 2020. On December 29, 2020, Ingrid made the minimum withdrawal of: a. $7,407 b. $7,778 c. $7,692 d. $8,077