Question
Concept- RRSP deduction During 2019 Harry had the following: Net Employment Income $71,000 Net Rental Loss ( 18,000) Interest Income 1,000 Eligible Dividends Received 8,000
Concept- RRSP deduction
During 2019 Harry had the following: Net Employment Income $71,000 Net Rental Loss ( 18,000) Interest Income 1,000 Eligible Dividends Received 8,000 Taxable Capital Gains 10,300 Allowable Capital Losses ( 8,000) Moving Expenses ( 3,000) At the end of 2019, Harry had Unused RRSP Deduction Room of $10,000 and had no undeducted contributions in his RRSP account. Harry made an RRSP contribution of $20,000 in February 2020. Harry is not a member of an RPP or DPSP. Required: Calculate Harrys Earned Income for 2019 and the maximum RRSP deduction that he can claim for the 2020 taxation year.
Note- this is a question from 'taxation course'. kindly answer it accordingly and correctly. Also, show the calculations. Thanks
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