Arizona State University BUS BUS MISC provide solutions111 War and Economic Recovery Imperial forces have…
Linda has just died. She was a member of a pooled registered pension plan (PRPP), and had named her brother, Ken, as beneficiary on the plan. At the time of death, Linda’s PRPP had a balance of $330,000. Linda’s will indicate that she wanted any taxes owing on the PRPP to be paid from the assets in the plan itself. Your client, Ken, age 60, is now wondering about any potential tax consequences and what he must do to receive the assets from Linda’s plan. Which statement properly describes this situation?
a. The estate cannot use the assets in a registered pension plan to cover the tax liability on the de-registration of the fund’s assets.
b. $330,000 from the PRPP is included in Linda’s final tax return and Ken can receive net proceeds as cash.
c. The $330,000 can be rolled over on a tax-deferred basis into Ken’s RRSP.
d. Ken must transfer the $330,000 into a locked-in plan such as a LIRA, LIF, or LRIF.
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