Question
Chantal graduated from Concordia in December 2020 and started working full-time as of January 1, 2021. She has never made a Registered Retirement Savings Plan
Chantal graduated from Concordia in December 2020 and started working full-time as of January 1, 2021. She has never made a Registered Retirement Savings Plan (RRSP) contribution. In January 2023 she received a large bonus and put the entire amount in her RRSP. There is no pension plan where she works and she knows that the formula for RRSP contribution is 18% of the previous years earned income. She has asked that you calculate her 2023 RRSP contribution room to date. Ignore the $2,000 lifetime over-contribution grace amount. Year RRSP Contribution Limit
2021 $27,830
2022 $29,210
2023 $30,780
Year Chantal's salary
2021 $85,000
2022 $89,000
2023 $93,000
Select one: a. $34,480 b. $57,040 c. $31,320 d. $40,944 e. $27,342
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