Question
Carlito Doe would like to know his maximum RRSP deduction in the current year. The Federal government's annual RRSP limit for the current year is
Carlito Doe would like to know his maximum RRSP deduction in the current year. The Federal government's annual RRSP limit for the current year is set at $26,010. Carlito provides you with the following information:
- Unused RRSP Deduction Room at December 31 of the prior year =$7,400
- Prior year Earned Income = $74,000
- Current year Earned Income = $93,000
- RRSP contribution made to his own self-administered RRSP plan during the current year = $12,200
- RRSP contribution made to a spousal plan (TD Bank) on February 1 of the following year = $4,800
- RRSP contribution made to his own plan (TD Bank) on March 15 of the following year = $5,100
What is Carlito Doe's maximum RRSP deduction for the current year?
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