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(5 Marks) It is RRSP time again and Carl is analysing his information to determine what amount he can invest in an RRSP this year.
(5 Marks) It is RRSP time again and Carl is analysing his information to determine what amount he can invest in an RRSP this year. 2016 2017 $60,000 $76,000 Employment Income: Gross Salary Less: Income Tax CPP $12,000 $2,544 $955 $1,900 $15,200 $2,564 $836 $1,300 EI RPP Total Source Deductions $17,399 $19,900 Property Income: Taxable Dividends (Eligible) Net Rental Income (Loss) $1,900 -$1,200 $2,000 -$1,900 Other Info: Pension Adjustment (T4) Unused RRSP Deduction Room $3,800 $3,200 $3,600 EQUIRED: 1. Determine the maximum amount Carl can contribute and deduct for 2017 to his registered retirement savings plan. Show all calculations. 2. Carl's wife Darlene contributed and deducted $3,000 in 2017 to her own RRSP. If Carl contributed $3,500 to his own RRSP, what is the maximum amount which he can contribute and deduct in 2017 to a spousal RRSP for Darlene? Show all calculations 3. If Carl made a contribution to his RRSP on February 26, 2018, is he required to include this as a contribution for the 2017 tax year
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