Question
1.During the year ending December 31, 2015, Ramona Collins has employment income before the deduction of any RPP contributions of $40,000, a net business loss
1.During the year ending December 31, 2015, Ramona Collins has employment income before the deduction of any RPP contributions of $40,000, a net business loss of $16,000, interest income of $6,000, and income from royalties of $7,000. The royalties were on a book written by Ms. Collins in her undergraduate years at university. She has no Unused RRSP Deduction Room from previous years. Her pension adjustment is $3,000. Her maximum deductible Registered Retirement Savings Plan contribution for 2016 is:
A. $3,660
B. $1,320
C. $5,580
D. $2,580
2.Mr. Renaud has 2018 earned income for RRSP purposes of $33000. His employer reports a 2018 pension adjustment of $7700. His unused RRSP deduction room carried forward from 2018 was $36000. During 2019, he contributes $5000 to his RRSP and chooses to deduct the full amount contributed. If Mr. Renaud wanted to deduct his maximum RRSP deduction, how much more would he have to contribute to do so?
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