Joshua was terminated from his job when he was 57 years old. He had $69,500 in the company's RPP. He put this money into a LIRA and then transferred $30,000 to a LIF to receive a monthly income. He received payments of $500 a month from his LIF. When he turned 62 years of age, Joshua was diagnosed as having a terminal illness and he had his LIF payments increased to $900 per month. He died one year later, with no spouse, and the remaining amount of his LIF of $4,050 was reported on his final tax return as taxable income. What is wrong in the above scenario