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Jenny contributed $5,000 each year for five years to a spousal RRSP in Albert's name.

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Jenny contributed $5,000 each year for five years to a spousal RRSP in Albert's name. In the sixth calendar year, Jenny did not contribute and Albert withdrew all the funds from the spousal RRSP. What are the tax implications of the withdrawal for Albert and Jenny?

A.

No effect on Jenny's taxable income and Albert includes $25,000 plus income earned in the plan in his taxable income.

B.

Albert includes $10,000 in his taxable income and Jenny includes $15,000 plus income earned in the plan in her taxable income.

C.

Jenny includes $25,000 in her taxable income and Albert includes income earned in the plan in his taxable income.

D.

Jenny includes $10,000 in her taxable income and Albert includes $15,000 plus income earned in the plan in his taxable income.

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