can anyone help me to calculate the unused RRSP deduction room at the end of 2021 for both Cherie and Tarek?

You are a CPA working in the tax group of a medium-sized accounting firm, Smith & Ross LLP. This morning, the partner of the ta, approached you regarding new clients, Cherie and Tarek Cormier Chere is a 50-year-old pharmacologist living in Calgary, AB. Tarek, aged 55, is a partner at a large law firm in Calgary. Tarek and Cherie have two children who are currently attending elementary school in Calgary Tarek and Cherie are starting to look forward to retirement and would like professional advice in effectively planning for their retirement. The partner would like you to calculate Cherie and Tarek's Registered Retirement Savings Plan (RRSP) contribution room for the current year, 2021, since this information will assist in the Cormiers' retirement planning. The tax partner provides you with the Cormiers' client file, which includes the Cormiers' tax returns from 2020, as well as notes prepared by the partner's administrative assistant after his first meeting with the couple. The file and notes contain the following information. (Click the icon to view Part 1 of the additional information.) Click the icon to view Part 2 of the additional information.) Required Requirement 1. Complete the partner's request and calculate the RRSP contribution room for both Cherie and Tarek in 2021. The contribution room for Cherie is $ 11562 The contribution room for Tarek is $ 30110. Requirement 2. It is now December 5, 2021, and the Cormiers would like to know how much more they can contribute to their RRSP accounts and when the deadline is for making contributions to RRSPs for 2021. In addition, Cherie plans on buying a new car in a few months. Cherie would like to withdraw $4,000 from the spousal RRSP account in her name for the down payment on the vehicle purchase. Explain the tax impact it any, of this withdrawal. Unused RRSP deduction room at the end of 2021 for Cherie is $ X - Part 1 of additional information clie ently nw stra Cherie was previously married. According to her divorce agreement, she must make monthly payments for the maintenance of her former spouse of $800. Cherie indicated that she has always made all required spousal support payments. A copy of Cherie's T4 slip for 2020 shows gros salary of $65,500. From this amount, the employer withheld the following amounts. . . . Income tax: $15,400 CPP: maximum for the year (see the Tax Rate sheet) El: maximum for the year (see the Tax Rate sheet) Registered Pension Plan (RPP): $1,900 Pension Adjustment: $3,800 . Other relevant information from Cherie's tax return for 2020 is shown below. . . Actual amount of eligible dividends: $5,500 Interest income: $3,400 Unused RRSP deduction room at the end of 2020: $5,300 fo the A copy of Tarek's statement of partnership income from the previous year shows that his income earned as an active partner was $340,000. Tarek's law firm does not provide pension plans for its partners Tarek owns a rental property and reported a net rental loss of $3,900 on his 2020 tax return. Tarek owns some farm land in Alberta. There is an oil well located on this land, and Tarek Print Done . Tarek owns some farm land in Alberta. There is an oil well located on this land, and Tarek receives some resource royalty income each year. In 2020, Tarek earned royalty income of $6,540. a a Other relevant information from Tarek's 2020 tax return: Actual amount of ineligible dividends: $12,700 Interest income: $8,100 Unused RRSP deduction room at the end of 2020: $900. . 20 . Print Done Part 2 of additional information The following day, the tax partner informs you that the Cormiers have indicated that they have made the following contributions to various RRSP accounts during 2021. On March 20, Tarek made a $14,000 contribution to his RRSP account at TD Bank. On July 3, Tarek made a $5,500 contribution to a spousal RRSP account for Cherie at Royal Bank On November 12, Tarek made a $2,000 contribution to an RRSP account in his own name at TD Bank. On September 3, Cherie made a $6,000 contribution to an RRSP account in her own name at Scotiabank. Print Done You are a CPA working in the tax group of a medium-sized accounting firm, Smith & Ross LLP. This morning, the partner of the ta, approached you regarding new clients, Cherie and Tarek Cormier Chere is a 50-year-old pharmacologist living in Calgary, AB. Tarek, aged 55, is a partner at a large law firm in Calgary. Tarek and Cherie have two children who are currently attending elementary school in Calgary Tarek and Cherie are starting to look forward to retirement and would like professional advice in effectively planning for their retirement. The partner would like you to calculate Cherie and Tarek's Registered Retirement Savings Plan (RRSP) contribution room for the current year, 2021, since this information will assist in the Cormiers' retirement planning. The tax partner provides you with the Cormiers' client file, which includes the Cormiers' tax returns from 2020, as well as notes prepared by the partner's administrative assistant after his first meeting with the couple. The file and notes contain the following information. (Click the icon to view Part 1 of the additional information.) Click the icon to view Part 2 of the additional information.) Required Requirement 1. Complete the partner's request and calculate the RRSP contribution room for both Cherie and Tarek in 2021. The contribution room for Cherie is $ 11562 The contribution room for Tarek is $ 30110. Requirement 2. It is now December 5, 2021, and the Cormiers would like to know how much more they can contribute to their RRSP accounts and when the deadline is for making contributions to RRSPs for 2021. In addition, Cherie plans on buying a new car in a few months. Cherie would like to withdraw $4,000 from the spousal RRSP account in her name for the down payment on the vehicle purchase. Explain the tax impact it any, of this withdrawal. Unused RRSP deduction room at the end of 2021 for Cherie is $ X - Part 1 of additional information clie ently nw stra Cherie was previously married. According to her divorce agreement, she must make monthly payments for the maintenance of her former spouse of $800. Cherie indicated that she has always made all required spousal support payments. A copy of Cherie's T4 slip for 2020 shows gros salary of $65,500. From this amount, the employer withheld the following amounts. . . . Income tax: $15,400 CPP: maximum for the year (see the Tax Rate sheet) El: maximum for the year (see the Tax Rate sheet) Registered Pension Plan (RPP): $1,900 Pension Adjustment: $3,800 . Other relevant information from Cherie's tax return for 2020 is shown below. . . Actual amount of eligible dividends: $5,500 Interest income: $3,400 Unused RRSP deduction room at the end of 2020: $5,300 fo the A copy of Tarek's statement of partnership income from the previous year shows that his income earned as an active partner was $340,000. Tarek's law firm does not provide pension plans for its partners Tarek owns a rental property and reported a net rental loss of $3,900 on his 2020 tax return. Tarek owns some farm land in Alberta. There is an oil well located on this land, and Tarek Print Done . Tarek owns some farm land in Alberta. There is an oil well located on this land, and Tarek receives some resource royalty income each year. In 2020, Tarek earned royalty income of $6,540. a a Other relevant information from Tarek's 2020 tax return: Actual amount of ineligible dividends: $12,700 Interest income: $8,100 Unused RRSP deduction room at the end of 2020: $900. . 20 . Print Done Part 2 of additional information The following day, the tax partner informs you that the Cormiers have indicated that they have made the following contributions to various RRSP accounts during 2021. On March 20, Tarek made a $14,000 contribution to his RRSP account at TD Bank. On July 3, Tarek made a $5,500 contribution to a spousal RRSP account for Cherie at Royal Bank On November 12, Tarek made a $2,000 contribution to an RRSP account in his own name at TD Bank. On September 3, Cherie made a $6,000 contribution to an RRSP account in her own name at Scotiabank. Print Done