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1. On April 1, 2020, Angela contributed $25,000 to her RRSP account. During the year 2020, she was employed by a large public company and
1. On April 1, 2020, Angela contributed $25,000 to her RRSP account. During the year 2020, she was employed by a large public company and also contributed to her employer's registered pension plan, along with her employer. For 2020, Angela contributed $10,000 to her employer's pension plan and the employer contributed $15,000. At the beginning of 2020 Angela had no unused RRSP Deduction Room and no undeducted RRSP contributions. Angela's Earned Income for 2020 is $200,000 and her pension adjustment for 2020 is $25,000. Angela also provides you with her information for the previous year: her Earned Income for 2019 was $150,000 while her pension adjustment was $20,000. What is the maximum RRSP deduction Angela can take for 2020 based on the information given above? A. None of the choices shown B. $7,230 C. $1,500 D. $27,230 E. $7,000 F. $52,230 G. $6,500 H. $2,230 2. During 2020, Mr.Orlando had net employment income of $35,000, made spousal support payments of $8,000 as well as child support payments for his 10 year old daughter of $12,000, received an inheritance of $50,000 and had a net rental loss of $2,000. His Earned Income for RRSP purpose for the year 2020would be: A. $41,000 B. $103,000 C. $25,000 D. $43,000 E. $53,000 F. None of the above. G. $33,000 3. Mark has the following sources of income and deductions for the 2020 taxation year: Gross employment income $175,000 Federal income tax withheld at source 20,000 CPP contributions withheld at source 2,898 EI premiums withheld at source 856 Eligible medical expenses 10,000 Tuition fees paid for child 8,000 Taxable capital gains realised during the year 90,000 Allowable capital losses suffered during the year 20,000 Eligible moving expenses 2,000 Business loss suffered during the year 205,000 What isMark'sNet Income for Tax Purposes? A. $146,254 B. None of the choices shown C. $175,000 D. $38,000 E. $198,754 F. -$3,754 G. NIL H. $3,000
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