Canadian RRSP Assignment Questions:

 

 Exercise 1: Subject: Earned Income

 

 Ms. Shelly Devine has net employment income of $82,000 (after the deduction of $3,000 in RPP contributions), a business loss of $12,500, taxable dividends of $4,200, and pays deductible support to her former spouse of $18,000 during the current year. What is Ms. Devine's Earned Income for RRSP purposes for the current year? 

 

Exercise 2: 

 

Mr. Arnett's employer sponsors both a money purchase RPP and a DPSP. During the current year, his employer contributes $2,300 to the RPP and $1,800 to the DPSP on behalf of Mr. Arnett. Mr. Arnett contributes $2,300 to the RPP. Calculate the amount of the Pension Adjustment that will be included on Mr. Arnett's T4 for the current year. 

 

Exercise 3: 

 

During 2021, Mr. Black has taxable capital gains of $23,650, net rental income of $6,530, pays spousal support of $18,000, and has net employment income of $75,600. Based on his RPP contributions of $2,400 and the matching contributions made by his employer, his employer reports a 2020- pension adjustment of $4,800. Mr. Black has unused RRSP Deduction Room carried forward from 2020 of $10,750. 

 

Also, at this time, his RRSP contains undeducted contributions of $6,560. During 2022, he makes contributions to his RRSP of $13,200. Determine Mr. Black's maximum RRSP deduction for 2022. Assuming he deducts his maximum, determine the amount of any unused RRSP Deduction Room that he will have available at the end of 2022, and indicate whether he has any undeducted contributions remaining at the end of 2022. 

 

Exercise 4:

 

 During 2021, Mr. Garveau makes a $5,000 contribution to a new RRSP in which he is the registrant. His wife, Mrs. Charron Garveau also makes a $5,000 contribution to his RRSP in 2021. Mrs. Garveau does not make any further contribution to her husband's RRSP. However, Mr. Garveau makes a $6,500 contribution. During 2022, Mr. Garveau withdraws $9,000 from his RRSP. How will this withdrawal be taxed?