please explain contribution room for camille and tyler Nd rrsp dedution for both. ASAP.

answer is given just explain the how got these number 11502, 29410, 3502 and 8410. ASAP

You are a CPA working in the tax group of a medium-sized accounting firm, Smith \& Ross LLP. This morning, the parther of the tax group approached you regarding new clients, Camille and Tyler Corbin Camille is a 50-year-old phamacologist living in Edmonton, AB Tyler, aged 55 , is a parther at a large law firm in Edmonton. Tyler and Camile have two children who are currently attending elementary school in Edmonton. Tyler and Camille are starting to look torward to retirement and wodid like prolessional advice in effectively planning for thei retirement. The partner would like you to calculate Camille and Tyler's Registered Retirement Savings Plan (RRSP) contribution room for the current yeat, 2022, since this information will assist in the Corbins' retirement planning. The tax partner provides you with the Corbins' client file, which includes the Corbins' tax retums from 2021, as well as notes prepared by the parther's administrative assistant after his first meeting with the couple. The file and notes contain the following information View Part 1 of the additional intormation. View Part 2 of the additional information. Reguired Requirement 1. Complete the parther's request and calculate the RRSP contribution room for both Camille and Tyler in 2022 . The RRSP contribution limit in 2022 is $29.210 Requirement 2. It is now December 5, 2022, and the Corbins would like to know how much more they can contribute to their RRSP accounts and whan the deadline is for making contributions to RRSPs for 2022 in addition, Camile plans on buying a new car in a few months Camille would like to withdraw $5,500 from the spousal RRSP account in her name for the down payment on the vehicle purchase. Explain the tax impact, if any, of this withdrawal. Part 1 of additional information - Camille was previously married. According to her divorce agreement, she must make monthly payments for the maintenance of her former spouse of $300. Camille indicated that she has always made all required spousal support payments - A copy of Camille's T4 slip for 2021 shows gross salary of \$62,500. From this amount, the employer withheld the following amounts. - Income tax $15,600 - CPP. maximum for the year (see the Tax Rate sheet) - El: maximum for the year (see the Tax Rate sheet) - Registered Pension Plan (RPP): $1,600 - Pension Adjustment: $4,200 - Other relevant information from Camille's tax return for 2021 is shown below. - Actual amount of eligible dividends $5,000 - Interest income: $3,600 - Unused RRSP deduction room at the end of 2021: $5,100 - A copy of Tyler's statement of partnership income from the previous year shows that his income earned as an active partner was $315,000. Tyler's law firm does not provide pension plans for its partners. - Tyler owns a rental property and reported a net rental loss of $4,000 on his 2021 tax return. - Tyler owns some farm land in Alberta. There is an oil well located on this land, and Tyler receives - CPP: maximum for the year (see the Tax Rate sheet) - El maximum for the year (see the Tax Rate sheet) - Registered Pension Plan (RPP): $1,600 - Pension Adjustment: $4,200 - Other relevant information from Camille's tax return for 2021 is shown below. - Actual amount of eligible dividends: $5,000 - Interest income: $3,600 - Unused RRSP deduction room at the end of 2021: $5,100 - A copy of Tyler's statement of partnership income from the previous year shows that his income earned as an active partner was $315,000. Tyler's law firm does not provide pension plans for its partners. - Tyler owns a rental property and reported a net rental loss of $4,000 on his 2021 tax return - Tyler owns some farm land in Alberta. There is an oil well located on this land, and Tyler receives some resource royalty income each year. In 2021. Tyler earned royalty income of $6,560. - Other relevant information from Tyler's 2021 tax return: - Actual amount of ineligible dividends: $12,100 - Interest income: $8,200 - Unused RRSP deduction room at the end of 2021: $200. Part 2 of additional information The following day, the tax partner informs you that the Corbins have indicated that they have made the following contributions to various RRSP accounts during 2022 - On March 20, Tyler made a $13,000 contribution to his RRSP account at TD Bank - On July 3. Tyler made a $4,000 contribution to a spousal RRSP account for Camille at Royal Bank - On November 12, Tyler made a $4,000 contribution to an RRSP account in his own name at TD - On September 3 , Camille made a $8,000 contribution to an RRSP account in her own name at Bank. Scotiabank. Required 1. Complete the partner's request, and calculate the RRSP contribution room for both Camille and Tyler in 2022. The RRSP contribution limit in 2022 is \$. 2. It is now December 5,2022 , and the Corbins would like to know how much more they can contribute to their RRSP accounts and when the deadline is for making contributions to RRSPs for 2022. In addition, Camille plans on buying a new car in a few months. Camille would like to withdraw $5,500 from the spousal RRSP account in her name for the down payment on the vehicle purchase. Explain the tax impact, if any, of this withdrawal. 3. The tax partner informs you that Camille and Tyler were very pleased with the RRSP information provided to date and have three questions about other tax deferral plans. a. The Corbins have always contributed to their Registered Retirement Savings Plans (RRSP), but they are unsure of what will happen to their RRSPs as they near retirement. Briefly summarize the fundamental principles of an RRSP and what will happen when the Corbins retire and begin withdrawing their RRSPs. b. The Corbins' teenage children plan to attend a post-secondary institution in Canada after graduation. The Corbins have heard that a Registered Education Savings Plan (RESP) could assist them in paying for their children's tuition in the future, but they are not sure how this plan works. Provide a brief overview of the tax benefits of contributing to an RESP. c. Camille's current employer provides retiring allowances to its long-term omnlovees. Camille will be eligible to receive a retiring allowance if she more they can contribute to their RRSP accounts and when the deadline is for making contributions to RRSPs for 2022. In addition, Camille plans on buying a new car in a few months. Camille would like to withdraw $5,500 from the spousal RRSP account in her name for the down payment on the vehicle purchase. Explain the tax impact, if any, of this withdrawal. 3. The tax partner informs you that Camille and Tyler were very pleased with the RRSP information provided to date and have three questions about other tax deferral plans. a. The Corbins have always contributed to their Registered Retirement Savings Plans (RRSP), but they are unsure of what will happen to their RRSPs as they near retirement. Briefly summarize the fundamental principles of an RRSP and what will happen when the Corbins retire and begin withdrawing their RRSPs. b. The Corbins' teenage children plan to attend a post-secondary institution in Canada after graduation. The Corbins have heard that a Registered Education Savings Plan (RESP) could assist them in paying for their children's tuition in the future, but they are not sure how this plan works. Provide a brief overview of the tax benefits of contributing to an RESP. c. Camille's current employer provides retiring allowances to its long-term employees. Camille will be eligible to receive a retiring allowance if she continues her employment for another 10 years. Camille would like to know if there is any tax planning for retiring allowances which would allow her to defer taxation on this income in the future. You are a CPA working in the tax group of a medium-sized accounting firm, Smith \& Ross LLP. This morning, the parther of the tax group approached you regarding new clients, Camille and Tyler Corbin Camille is a 50-year-old phamacologist living in Edmonton, AB Tyler, aged 55 , is a parther at a large law firm in Edmonton. Tyler and Camile have two children who are currently attending elementary school in Edmonton. Tyler and Camille are starting to look torward to retirement and wodid like prolessional advice in effectively planning for thei retirement. The partner would like you to calculate Camille and Tyler's Registered Retirement Savings Plan (RRSP) contribution room for the current yeat, 2022, since this information will assist in the Corbins' retirement planning. The tax partner provides you with the Corbins' client file, which includes the Corbins' tax retums from 2021, as well as notes prepared by the parther's administrative assistant after his first meeting with the couple. The file and notes contain the following information View Part 1 of the additional intormation. View Part 2 of the additional information. Reguired Requirement 1. Complete the parther's request and calculate the RRSP contribution room for both Camille and Tyler in 2022 . The RRSP contribution limit in 2022 is $29.210 Requirement 2. It is now December 5, 2022, and the Corbins would like to know how much more they can contribute to their RRSP accounts and whan the deadline is for making contributions to RRSPs for 2022 in addition, Camile plans on buying a new car in a few months Camille would like to withdraw $5,500 from the spousal RRSP account in her name for the down payment on the vehicle purchase. Explain the tax impact, if any, of this withdrawal. Part 1 of additional information - Camille was previously married. According to her divorce agreement, she must make monthly payments for the maintenance of her former spouse of $300. Camille indicated that she has always made all required spousal support payments - A copy of Camille's T4 slip for 2021 shows gross salary of \$62,500. From this amount, the employer withheld the following amounts. - Income tax $15,600 - CPP. maximum for the year (see the Tax Rate sheet) - El: maximum for the year (see the Tax Rate sheet) - Registered Pension Plan (RPP): $1,600 - Pension Adjustment: $4,200 - Other relevant information from Camille's tax return for 2021 is shown below. - Actual amount of eligible dividends $5,000 - Interest income: $3,600 - Unused RRSP deduction room at the end of 2021: $5,100 - A copy of Tyler's statement of partnership income from the previous year shows that his income earned as an active partner was $315,000. Tyler's law firm does not provide pension plans for its partners. - Tyler owns a rental property and reported a net rental loss of $4,000 on his 2021 tax return. - Tyler owns some farm land in Alberta. There is an oil well located on this land, and Tyler receives - CPP: maximum for the year (see the Tax Rate sheet) - El maximum for the year (see the Tax Rate sheet) - Registered Pension Plan (RPP): $1,600 - Pension Adjustment: $4,200 - Other relevant information from Camille's tax return for 2021 is shown below. - Actual amount of eligible dividends: $5,000 - Interest income: $3,600 - Unused RRSP deduction room at the end of 2021: $5,100 - A copy of Tyler's statement of partnership income from the previous year shows that his income earned as an active partner was $315,000. Tyler's law firm does not provide pension plans for its partners. - Tyler owns a rental property and reported a net rental loss of $4,000 on his 2021 tax return - Tyler owns some farm land in Alberta. There is an oil well located on this land, and Tyler receives some resource royalty income each year. In 2021. Tyler earned royalty income of $6,560. - Other relevant information from Tyler's 2021 tax return: - Actual amount of ineligible dividends: $12,100 - Interest income: $8,200 - Unused RRSP deduction room at the end of 2021: $200. Part 2 of additional information The following day, the tax partner informs you that the Corbins have indicated that they have made the following contributions to various RRSP accounts during 2022 - On March 20, Tyler made a $13,000 contribution to his RRSP account at TD Bank - On July 3. Tyler made a $4,000 contribution to a spousal RRSP account for Camille at Royal Bank - On November 12, Tyler made a $4,000 contribution to an RRSP account in his own name at TD - On September 3 , Camille made a $8,000 contribution to an RRSP account in her own name at Bank. Scotiabank. Required 1. Complete the partner's request, and calculate the RRSP contribution room for both Camille and Tyler in 2022. The RRSP contribution limit in 2022 is \$. 2. It is now December 5,2022 , and the Corbins would like to know how much more they can contribute to their RRSP accounts and when the deadline is for making contributions to RRSPs for 2022. In addition, Camille plans on buying a new car in a few months. Camille would like to withdraw $5,500 from the spousal RRSP account in her name for the down payment on the vehicle purchase. Explain the tax impact, if any, of this withdrawal. 3. The tax partner informs you that Camille and Tyler were very pleased with the RRSP information provided to date and have three questions about other tax deferral plans. a. The Corbins have always contributed to their Registered Retirement Savings Plans (RRSP), but they are unsure of what will happen to their RRSPs as they near retirement. Briefly summarize the fundamental principles of an RRSP and what will happen when the Corbins retire and begin withdrawing their RRSPs. b. The Corbins' teenage children plan to attend a post-secondary institution in Canada after graduation. The Corbins have heard that a Registered Education Savings Plan (RESP) could assist them in paying for their children's tuition in the future, but they are not sure how this plan works. Provide a brief overview of the tax benefits of contributing to an RESP. c. Camille's current employer provides retiring allowances to its long-term omnlovees. Camille will be eligible to receive a retiring allowance if she more they can contribute to their RRSP accounts and when the deadline is for making contributions to RRSPs for 2022. In addition, Camille plans on buying a new car in a few months. Camille would like to withdraw $5,500 from the spousal RRSP account in her name for the down payment on the vehicle purchase. Explain the tax impact, if any, of this withdrawal. 3. The tax partner informs you that Camille and Tyler were very pleased with the RRSP information provided to date and have three questions about other tax deferral plans. a. The Corbins have always contributed to their Registered Retirement Savings Plans (RRSP), but they are unsure of what will happen to their RRSPs as they near retirement. Briefly summarize the fundamental principles of an RRSP and what will happen when the Corbins retire and begin withdrawing their RRSPs. b. The Corbins' teenage children plan to attend a post-secondary institution in Canada after graduation. The Corbins have heard that a Registered Education Savings Plan (RESP) could assist them in paying for their children's tuition in the future, but they are not sure how this plan works. Provide a brief overview of the tax benefits of contributing to an RESP. c. Camille's current employer provides retiring allowances to its long-term employees. Camille will be eligible to receive a retiring allowance if she continues her employment for another 10 years. Camille would like to know if there is any tax planning for retiring allowances which would allow her to defer taxation on this income in the future. You are a CPA working in the tax group of a medium-sized accounting firm, Smith \& Ross LLP. This morning, the parther of the tax group approached you regarding new clients, Camille and Tyler Corbin Camille is a 50-year-old phamacologist living in Edmonton, AB Tyler, aged 55 , is a parther at a large law firm in Edmonton. Tyler and Camile have two children who are currently attending elementary school in Edmonton. Tyler and Camille are starting to look torward to retirement and wodid like prolessional advice in effectively planning for thei retirement. The partner would like you to calculate Camille and Tyler's Registered Retirement Savings Plan (RRSP) contribution room for the current yeat, 2022, since this information will assist in the Corbins' retirement planning. The tax partner provides you with the Corbins' client file, which includes the Corbins' tax retums from 2021, as well as notes prepared by the parther's administrative assistant after his first meeting with the couple. The file and notes contain the following information View Part 1 of the additional intormation. View Part 2 of the additional information. Reguired Requirement 1. Complete the parther's request and calculate the RRSP contribution room for both Camille and Tyler in 2022 . The RRSP contribution limit in 2022 is $29.210 Requirement 2. It is now December 5, 2022, and the Corbins would like to know how much more they can contribute to their RRSP accounts and whan the deadline is for making contributions to RRSPs for 2022 in addition, Camile plans on buying a new car in a few months Camille would like to withdraw $5,500 from the spousal RRSP account in her name for the down payment on the vehicle purchase. Explain the tax impact, if any, of this withdrawal. Part 1 of additional information - Camille was previously married. According to her divorce agreement, she must make monthly payments for the maintenance of her former spouse of $300. Camille indicated that she has always made all required spousal support payments - A copy of Camille's T4 slip for 2021 shows gross salary of \$62,500. From this amount, the employer withheld the following amounts. - Income tax $15,600 - CPP. maximum for the year (see the Tax Rate sheet) - El: maximum for the year (see the Tax Rate sheet) - Registered Pension Plan (RPP): $1,600 - Pension Adjustment: $4,200 - Other relevant information from Camille's tax return for 2021 is shown below. - Actual amount of eligible dividends $5,000 - Interest income: $3,600 - Unused RRSP deduction room at the end of 2021: $5,100 - A copy of Tyler's statement of partnership income from the previous year shows that his income earned as an active partner was $315,000. Tyler's law firm does not provide pension plans for its partners. - Tyler owns a rental property and reported a net rental loss of $4,000 on his 2021 tax return. - Tyler owns some farm land in Alberta. There is an oil well located on this land, and Tyler receives - CPP: maximum for the year (see the Tax Rate sheet) - El maximum for the year (see the Tax Rate sheet) - Registered Pension Plan (RPP): $1,600 - Pension Adjustment: $4,200 - Other relevant information from Camille's tax return for 2021 is shown below. - Actual amount of eligible dividends: $5,000 - Interest income: $3,600 - Unused RRSP deduction room at the end of 2021: $5,100 - A copy of Tyler's statement of partnership income from the previous year shows that his income earned as an active partner was $315,000. Tyler's law firm does not provide pension plans for its partners. - Tyler owns a rental property and reported a net rental loss of $4,000 on his 2021 tax return - Tyler owns some farm land in Alberta. There is an oil well located on this land, and Tyler receives some resource royalty income each year. In 2021. Tyler earned royalty income of $6,560. - Other relevant information from Tyler's 2021 tax return: - Actual amount of ineligible dividends: $12,100 - Interest income: $8,200 - Unused RRSP deduction room at the end of 2021: $200. Part 2 of additional information The following day, the tax partner informs you that the Corbins have indicated that they have made the following contributions to various RRSP accounts during 2022 - On March 20, Tyler made a $13,000 contribution to his RRSP account at TD Bank - On July 3. Tyler made a $4,000 contribution to a spousal RRSP account for Camille at Royal Bank - On November 12, Tyler made a $4,000 contribution to an RRSP account in his own name at TD - On September 3 , Camille made a $8,000 contribution to an RRSP account in her own name at Bank. Scotiabank. Required 1. Complete the partner's request, and calculate the RRSP contribution room for both Camille and Tyler in 2022. The RRSP contribution limit in 2022 is \$. 2. It is now December 5,2022 , and the Corbins would like to know how much more they can contribute to their RRSP accounts and when the deadline is for making contributions to RRSPs for 2022. In addition, Camille plans on buying a new car in a few months. Camille would like to withdraw $5,500 from the spousal RRSP account in her name for the down payment on the vehicle purchase. Explain the tax impact, if any, of this withdrawal. 3. The tax partner informs you that Camille and Tyler were very pleased with the RRSP information provided to date and have three questions about other tax deferral plans. a. The Corbins have always contributed to their Registered Retirement Savings Plans (RRSP), but they are unsure of what will happen to their RRSPs as they near retirement. Briefly summarize the fundamental principles of an RRSP and what will happen when the Corbins retire and begin withdrawing their RRSPs. b. The Corbins' teenage children plan to attend a post-secondary institution in Canada after graduation. The Corbins have heard that a Registered Education Savings Plan (RESP) could assist them in paying for their children's tuition in the future, but they are not sure how this plan works. Provide a brief overview of the tax benefits of contributing to an RESP. c. Camille's current employer provides retiring allowances to its long-term omnlovees. Camille will be eligible to receive a retiring allowance if she more they can contribute to their RRSP accounts and when the deadline is for making contributions to RRSPs for 2022. In addition, Camille plans on buying a new car in a few months. Camille would like to withdraw $5,500 from the spousal RRSP account in her name for the down payment on the vehicle purchase. Explain the tax impact, if any, of this withdrawal. 3. The tax partner informs you that Camille and Tyler were very pleased with the RRSP information provided to date and have three questions about other tax deferral plans. a. The Corbins have always contributed to their Registered Retirement Savings Plans (RRSP), but they are unsure of what will happen to their RRSPs as they near retirement. Briefly summarize the fundamental principles of an RRSP and what will happen when the Corbins retire and begin withdrawing their RRSPs. b. The Corbins' teenage children plan to attend a post-secondary institution in Canada after graduation. The Corbins have heard that a Registered Education Savings Plan (RESP) could assist them in paying for their children's tuition in the future, but they are not sure how this plan works. Provide a brief overview of the tax benefits of contributing to an RESP. c. Camille's current employer provides retiring allowances to its long-term employees. Camille will be eligible to receive a retiring allowance if she continues her employment for another 10 years. Camille would like to know if there is any tax planning for retiring allowances which would allow her to defer taxation on this income in the future. You are a CPA working in the tax group of a medium-sized accounting firm, Smith \& Ross LLP. This morning, the parther of the tax group approached you regarding new clients, Camille and Tyler Corbin Camille is a 50-year-old phamacologist living in Edmonton, AB Tyler, aged 55 , is a parther at a large law firm in Edmonton. Tyler and Camile have two children who are currently attending elementary school in Edmonton. Tyler and Camille are starting to look torward to retirement and wodid like prolessional advice in effectively planning for thei retirement. The partner would like you to calculate Camille and Tyler's Registered Retirement Savings Plan (RRSP) contribution room for the current yeat, 2022, since this information will assist in the Corbins' retirement planning. The tax partner provides you with the Corbins' client file, which includes the Corbins' tax retums from 2021, as well as notes prepared by the parther's administrative assistant after his first meeting with the couple. The file and notes contain the following information View Part 1 of the additional intormation. View Part 2 of the additional information. Reguired Requirement 1. Complete the parther's request and calculate the RRSP contribution room for both Camille and Tyler in 2022 . The RRSP contribution limit in 2022 is $29.210 Requirement 2. It is now December 5, 2022, and the Corbins would like to know how much more they can contribute to their RRSP accounts and whan the deadline is for making contributions to RRSPs for 2022 in addition, Camile plans on buying a new car in a few months Camille would like to withdraw $5,500 from the spousal RRSP account in her name for the down payment on the vehicle purchase. Explain the tax impact, if any, of this withdrawal. Part 1 of additional information - Camille was previously married. According to her divorce agreement, she must make monthly payments for the maintenance of her former spouse of $300. Camille indicated that she has always made all required spousal support payments - A copy of Camille's T4 slip for 2021 shows gross salary of \$62,500. From this amount, the employer withheld the following amounts. - Income tax $15,600 - CPP. maximum for the year (see the Tax Rate sheet) - El: maximum for the year (see the Tax Rate sheet) - Registered Pension Plan (RPP): $1,600 - Pension Adjustment: $4,200 - Other relevant information from Camille's tax return for 2021 is shown below. - Actual amount of eligible dividends $5,000 - Interest income: $3,600 - Unused RRSP deduction room at the end of 2021: $5,100 - A copy of Tyler's statement of partnership income from the previous year shows that his income earned as an active partner was $315,000. Tyler's law firm does not provide pension plans for its partners. - Tyler owns a rental property and reported a net rental loss of $4,000 on his 2021 tax return. - Tyler owns some farm land in Alberta. There is an oil well located on this land, and Tyler receives - CPP: maximum for the year (see the Tax Rate sheet) - El maximum for the year (see the Tax Rate sheet) - Registered Pension Plan (RPP): $1,600 - Pension Adjustment: $4,200 - Other relevant information from Camille's tax return for 2021 is shown below. - Actual amount of eligible dividends: $5,000 - Interest income: $3,600 - Unused RRSP deduction room at the end of 2021: $5,100 - A copy of Tyler's statement of partnership income from the previous year shows that his income earned as an active partner was $315,000. Tyler's law firm does not provide pension plans for its partners. - Tyler owns a rental property and reported a net rental loss of $4,000 on his 2021 tax return - Tyler owns some farm land in Alberta. There is an oil well located on this land, and Tyler receives some resource royalty income each year. In 2021. Tyler earned royalty income of $6,560. - Other relevant information from Tyler's 2021 tax return: - Actual amount of ineligible dividends: $12,100 - Interest income: $8,200 - Unused RRSP deduction room at the end of 2021: $200. Part 2 of additional information The following day, the tax partner informs you that the Corbins have indicated that they have made the following contributions to various RRSP accounts during 2022 - On March 20, Tyler made a $13,000 contribution to his RRSP account at TD Bank - On July 3. Tyler made a $4,000 contribution to a spousal RRSP account for Camille at Royal Bank - On November 12, Tyler made a $4,000 contribution to an RRSP account in his own name at TD - On September 3 , Camille made a $8,000 contribution to an RRSP account in her own name at Bank. Scotiabank. Required 1. Complete the partner's request, and calculate the RRSP contribution room for both Camille and Tyler in 2022. The RRSP contribution limit in 2022 is \$. 2. It is now December 5,2022 , and the Corbins would like to know how much more they can contribute to their RRSP accounts and when the deadline is for making contributions to RRSPs for 2022. In addition, Camille plans on buying a new car in a few months. Camille would like to withdraw $5,500 from the spousal RRSP account in her name for the down payment on the vehicle purchase. Explain the tax impact, if any, of this withdrawal. 3. The tax partner informs you that Camille and Tyler were very pleased with the RRSP information provided to date and have three questions about other tax deferral plans. a. The Corbins have always contributed to their Registered Retirement Savings Plans (RRSP), but they are unsure of what will happen to their RRSPs as they near retirement. Briefly summarize the fundamental principles of an RRSP and what will happen when the Corbins retire and begin withdrawing their RRSPs. b. The Corbins' teenage children plan to attend a post-secondary institution in Canada after graduation. The Corbins have heard that a Registered Education Savings Plan (RESP) could assist them in paying for their children's tuition in the future, but they are not sure how this plan works. Provide a brief overview of the tax benefits of contributing to an RESP. c. Camille's current employer provides retiring allowances to its long-term omnlovees. Camille will be eligible to receive a retiring allowance if she more they can contribute to their RRSP accounts and when the deadline is for making contributions to RRSPs for 2022. In addition, Camille plans on buying a new car in a few months. Camille would like to withdraw $5,500 from the spousal RRSP account in her name for the down payment on the vehicle purchase. Explain the tax impact, if any, of this withdrawal. 3. The tax partner informs you that Camille and Tyler were very pleased with the RRSP information provided to date and have three questions about other tax deferral plans. a. The Corbins have always contributed to their Registered Retirement Savings Plans (RRSP), but they are unsure of what will happen to their RRSPs as they near retirement. Briefly summarize the fundamental principles of an RRSP and what will happen when the Corbins retire and begin withdrawing their RRSPs. b. The Corbins' teenage children plan to attend a post-secondary institution in Canada after graduation. The Corbins have heard that a Registered Education Savings Plan (RESP) could assist them in paying for their children's tuition in the future, but they are not sure how this plan works. Provide a brief overview of the tax benefits of contributing to an RESP. c. Camille's current employer provides retiring allowances to its long-term employees. Camille will be eligible to receive a retiring allowance if she continues her employment for another 10 years. Camille would like to know if there is any tax planning for retiring allowances which would allow her to defer taxation on this income in the future