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#4) (5 MARKS) Dean Martin would like to invest in his RRSP for 2021 and has provided the following details. Employment Income: Gross Salary
#4) (5 MARKS) Dean Martin would like to invest in his RRSP for 2021 and has provided the following details. Employment Income: Gross Salary Less: Income Tax CPP RPP Total Source Deductions Property Income: Taxable Dividends (Eligible) Net Rental Income (Loss) Other Info: Pension Adjustment (T4) Unused RRSP Deduction Room REQUIRED: 2020 2021 $67,000 $61,000 $13,400 $17,800 $2,898 $3,166 $856 $890 $2,000 $1,700 $19,154 $23,556 $190 $1,100 -$1,100 $1,900 $3,300 $3,200 $3,000 1. Based on the information above calculate the maximum amount Dean can contribute and deduct for 2021 to his registered retirement savings plan. Show all calculations. 2. Dean's wife Catherine contributed and deducted $2,000 in 2021 to her own RRSP. If Dean contributed $4,500 to his own RRSP, what is the maximum amount which he can contribute and deduct in 2021 to a spousal RRSP for Catherine? Show all calculations 3. What happens if Dean over contributed $1,500 more than his allowable contribution room?
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