Ashley Fung earns $120,000 per annum. She would like to take one year off to travel all over the world. She can take one year unpaid leave from her job starting January 1, 2014 or starting June1, 2014. From an income tax point of view, which date should she choose if she finances her time off by 1. Cashing $120,000 of her savings from an unsheltered (non RRSP) account 2. Withdrawing money from her RRSP account Use the following tax rates to determine after tax amount under each option: 10 No Surtax at Federal level. Ontario Income Tax $5,392 surtax =$236+56% of Ontario Income Tax above $5,392 Ashley Fung earns $120,000 per annum. She would like to take one year off to travel all over the world. She can take one year unpaid leave from her job starting January 1, 2014 or starting June1, 2014. From an income tax point of view, which date should she choose if she finances her time off by 1. Cashing $120,000 of her savings from an unsheltered (non RRSP) account 2. Withdrawing money from her RRSP account Use the following tax rates to determine after tax amount under each option: 10 No Surtax at Federal level. Ontario Income Tax $5,392 surtax =$236+56% of Ontario Income Tax above $5,392