The maximum amount an individual can contribute to his or her registered retirement savings plan (RRSP) for
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The maximum amount an individual can contribute to his or her registered retirement savings plan (RRSP) for a year is set by the regulations of the Income Tax Act. For the year 2015, the maximum contribution was the lesser of $24,930 or 18% of the individual's "earned income" during 2014. What was the lowest amount of earned income for 2014 at which an individual could make a full $24,930 contribution in 2015? (Round to the nearest dollar.)
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Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
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