ameron, a financial planner, is quite vocal about the benefits of beginning to save at an early age. His client, Cody, has approached him about the possibility of his fourteen-year-old son establishing an RRSP. The fourteen-year-old has filed an income tax return with earned income in each of the past three years. According to CRA, which of the following statements is true?

Question 10 options:

	Cody can claim the son's income and corresponding RRSP room
	Cody's son is too young to own an RRSP
	Cody's son qualifies to own an RRSP
	While Cody's son is too young to establish his own RRSP, he can transfer his credits to either of his parents

Lucy has consistently split her RRSP contribution between her own RRSP and a spousal RRSP for her husband Lester. Her contributions over the past 6 years are:

Spousal RSP

January 2013	$6,000
February 2014	$5,000
December 2015	$5,500
July 2016	$6,000
January 2017	$5,000
January 2018	$6,000

Regular RSP

January 2013	$6,000
February 2014	$5,000
December 2015	$5,500
July 2016	$6,000
January 2017	$5,000
January 2018	$6,000

In June 2018, Lucy's spouse, Lester, withdrew $12,000 from the spousal RRSP under which he is the annuitant, and Lucy is the contributor. What income tax consequences arise from this withdrawal?

Question 11 options:

	The full $12,000 is taxable to Lester
	$6,000 is taxable to Lester and $6,000 is taxable to Lucy
	$11,000 is taxable to Lucy and $1,000 is taxable to Lester
	The full $12,000 is taxable to Lucy