1-Alex has RPP income of $67,000, $11,500 CPP and $6,400 OAS a year. He also receives interest income of $8,700 each year. If the OAS threshold is $68,000, his OAS after the clawback is:

a. $2,560

b. $3,925

c. $2,965

d. $3,520

2-

Geoff wants to use the assets in his RRSP to contribute to his TFSA. In his RRSP, he has a Canadian Equity Fund that he purchased last year for $8,000, and now has a current fair market value (FMV) of $10,000. Geoff would like to transfer this fund to his TFSA. Geoff is in a 35% marginal tax rate (MTR) and has an RRSP contribution limit of $5,000 and a TFSA contribution limit of $10,000. Which statement correctly describes this situation?

a. Geoff must pay a withholding tax of $2,000

b. c.Geoff will get a net deduction of $3,500 on the transaction.

c. Geoffs RRSP contribution limit will be increased by $15,000.

d. Geoff can complete the transfer as a tax-deferred rollover.

3-

From the following summary of payments that Carly received this year, calculate her current years earned income:

$29,000 Employment Income

$10,000 Spousal support that she received

$6,000 in Net Rental income from property.

$4,500 Taxable capital gains

$2,000 interest income on non-registered savings

a. $45,000

b. $41,000

c. $29,500

d. $51,500