Question
) A 50-year old individual had the following for income amounts for the year 2019: Business income $77,500 Capital gains $15,500 Dividend income $4,300 Interest
) A 50-year old individual had the following for income amounts for the year 2019:
Business income
$77,500
Capital gains
$15,500
Dividend income
$4,300
Interest income
$2,500
Rental income
$90,000
Spousal support received
$65,400
Business losses
$58,700
Capital losses
$8,600
Rental losses
$24,700
Spousal support payments
$37,500
Also for 2019, the pension adjustment was $4,900 and the unused RRSP deduction limit (per the CRA's 2019 Notice of Assessment) was $15,900. For 2020, the individual's earned income was $105,400 and the pension adjustment was $4,800.
What is the maximum allowable RRSP contribution for 2020?
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