61) Rajesh lived with and was financially dependent on his widowed grandmother, Reena, until her death last month. At the time of her death, Rajesh was 19 years of age and was a full time university student. He works part time and has earned $7,800 for the past 2 years and is expected to earn approximately the same amount for the current year. If Rajesh is the sole beneficiary of Reenas estate and he is the designated beneficiary of her RRIFs, what statement is correct? a) The fair market value of Reenas RRIFs can be transferred to Rajesh on a tax deferred basis provided the funds are used to purchase a life annuity for Rajesh or are invested in an RRSP or RRIF under which he is the annuitant b) A tax dererred rollover of Reenas RRIFs to Rajesh is not viable option c) The fair market value of Reenas RRIFs can be transferred to Rajesh but, the full amount must be reported as part of his total income in the year of the transfer d) The fair market value of Reenas RRIFs must be reported on her final return and will be subject to taxation