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Claude is a 39 year old university professor earring $125,000 per year. He is enrolled...

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Finance

Claude is a 39 year old university professor earring $125,000 per year. He is enrolled in a defered benefit pension plan (DBPP) offered by his employer. He also maximizes his RRSP contribution each year. Jocelyne, his 35 year old spouse is a home based massage therapist with a declared income of $25,000 per year. She has no pension plan and contributes minimaly to her RRSP. Claude is aware that when he retires, the combination of his RRSP withdrawals will have siginificant tax implications . Claude wants to retired at 55 with as much income as possible so that he and his wife can travel the world.

what could claude do to reduce the taxes on the couples combined retirement income?

a) contribute to a spousal registered retirement saving plan(RRSP) for Jocelyne.

b) contribute to a group registered retirement saving plan(GRRSP)

c) contribute to a defferd profit sharing plan(DPSP)

d) contribute to a pooled registered pension plan(PRPP).


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