QUESTION 6 Mr. Smith, the sole shareholder and employee of Smithco Lid, since its incorporation in 1976, has decided to sell the corporation and retire in 2019 He has never belonged to a pension plan and wishes to maximize his RRSP Which one of the following amounts represents the largest retiring allowance from Smithco that M Smith can transfer to his RRSP in the year he retires? O $40,000 O $56.000 $59,500 O $70,000 QUESTION 9 Which of the following situations will NOT result in the attribution of income to the transferor? The transfer of a capital property to a spouse for consideration equal to fair market value of the property The transfer of a capital property to a spouse in return for a non-interest bearing note. The transfer of an unincorporated business to a spouse. The transfer of a capital property to the 15 year old son of the transferor's sister. QUESTION 12 Martin has a marginal tax rate of 46 percent. His wife, Carmen, has a marginal tax rate of 26 percent. In order to give his wife a supplemental source of income, he gave her a portion of his investment portfolio Carmen's new investment portfolio generated interest income of $6,800 and taxable capital gains of $9.900 Which of the following statements is NOT correct? Martin faces an additional tax liability of $3.128 as a result of Carmen's interest income. O Martin faces an additional tax liability of $4,564 as a result of Carmen's capital gains Carmen has no additional tax liability as a result of the investment portfolio O Carmen faces a tax liability of 52,574 as a result of her capital gains