Question
a) Lindsay made a Registered Retirement Saving Plan (RRSP) contribution based on her CRA Notice of Assessment, which shows her the RRSP deduction limit (i.e.
a)Lindsay made a Registered Retirement Saving Plan (RRSP) contribution based on her CRA Notice of Assessment, which shows her the RRSP deduction limit (i.e. how much she can contribute - note: her RRSP carry-forward amounts are nil as she has always maximized her annual contributions). She will claim the maximum contribution as a deduction in her 2019 personal income tax return. If she is in the highest marginal tax bracket, what will be her refund? (ignore Non-Refundable Tax Credits) (see Tables A, D) (.25 mark)
Calculate: (.25 mark)
b)Lindsay has always filed a personal tax return each year since she was 18 years old when she started her residency. Now that she is 30 years old, she is happy that she did so as she has a large tuition amount carried forward that she will claim against her employment income. In 2019 she will be claiming $10,000, after applying the Federal tax credit rate, what will be the amount claimed? (see Table B) (.25 mark)
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