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1. Larry's salary in 2020 is $179,000. He has no pension plan at work and he put the maximum into an RRSP at the

1. Larry's salary in 2020 is $179,000. He has no pension plan at work and he put the maximum into an RRSP at the end of 2021. Larry had no RRSP carry forward from previous years. The money purchase limits for 2020 and 2021 are $27,830 and $29,210, respectively. How much did Larry save on his taxes by making this RRSP contribution if his marginal tax rate is 30.5%? (3 marks)

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