7) Sandra invested $10,000 in a Tax-Free Savings Account (TFSA) last year and it has a value of $12,000 today. She also invested $10,000 in a Registered Retirement Savings Account (RRSP) last year and it has a value of $15,000 today. With the market uncertainty today, Sandra decides to withdraw the entire amounts from both accounts. On what amounts will Sandra need to pay tax on?

a) Only on the initial $20,000 invested in each account

b) On the total amount withdrawn (i.e $27,000) which includes the growth from each account

c) On the $5,000 growth in the Registered Retirement Savings Account

d) On the $15,000 withdrawn from the Registered Retirement Savings Account

e) There is no tax to be paid

8) Leslie has invested in a diversified portfolio. His bonds will pay ____________, his Canadian common stocks will pay __________________, his foreign stocks will pay _________________, his real estate holdings will earn ___________________ upon the sale, and his preferred shares will pay __________________.

a) interest, dividends, dividends, capital gains, dividends

b) dividends, interest, dividends, capital gains, interest

c) interest, dividends, dividends, capital gains, interest

d) interest, interest, capital gains, capital gains, dividends

e) dividends, dividends, dividends, interest, capital gains