Question $20(1$ point$)**$ in Canada $**$

Jacqueline, age $72,$ and Laurent, age $70,$ are a married couple who have been retired

for several years. Laurent worked as an executive and Jacqueline was a music

teacher. Jacqueline is the annuitant of a spousal RRIF, which was established by

transferring funds from a spousal RRSP to which Laurent contributed $$10,000$ each

year, up to and including the year that the RRSP was matured. When the RRIF was

established last year, the couple elected to use Laurent's age as the basis for the

annual minimum prescribed $($AMP$)$ withdrawals. The value of the RRIF at the

beginning of this year was $$372,589$ and Jacqueline makes total RRIF withdrawals of

$$24,000$ this year. Assuming Jacqueline's marginal tax rate is $21\%$ and Laurent's is

$32\%,$ how much tax will the couple pay on Jacqueline's RRIF withdrawals this year?

The couple will pay tax of:

$$5,631.$

$$7,240.$

$$10,664.$