Diana, a Canadian resident for income tax purposes, the following income for the 2018 and 2019<\/p>
2018<\/p>
2019<\/p>
Income from employment 2018 2019<\/p>
Gross Income 130000 135000<\/p>
Less contribution to employer RPP -1500 -3000<\/p>
128500 132000<\/p>
<\/p>
Income from property<\/p>
Taxable dividends from Canadian<\/p>
public corporation 32000 20000<\/p>
Gross-up (38%) 12160 7600<\/p>
44160 27600<\/p>
Bank Interest 3000 5000<\/p>
47160 32600<\/p>
Rental Income - gross 25000 30000<\/p>
Deductible rental expenses -18000 -12000<\/p>
54160 50600<\/p>
Other Income<\/p>
Alimony payments received 10000 10000<\/p>
Loss from business<\/p>
Share of loss from partnership -30000 -20000<\/p>
162660 172600<\/p>
<\/p>
Diana has asked you to determine the maximum RRSP contribution that she can deduct in 2020.<\/p>
Assume that Diana put $10,000 into her self-administered RRSP on February 12,2021. Further, assume<\/p>
that Diana was an active member of the partnership and that her pension adjustment for 2018 and 2019<\/p>
was $4,000 and $7,000, respectively. She did not make an RRSP contribution for 2019<\/p>
<\/p>", "transcribed_text": "", "related_book": { "title": "Accounting Information Systems The Crossroads of Accounting & IT", "isbn": "132991322, 978-0132991322", "edition": "2nd Edition", "authors": "Donna Kay, Ali Ovlia", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/405.jpg", "uri": "\/textbooks\/accounting-information-systems-the-crossroads-of-accounting-it-2nd-edition-405", "see_more_uri": "" }, "free_related_book": { "isbn": "9811958831", "uri": "\/textbooks\/pandemic-cities-the-covid-19-crisis-and-australian-urban-regions-1st-edition-978-9811958830-283853", "name": "Pandemic Cities The Covid 19 Crisis And Australian Urban Regions", "edition": "1st Edition" }, "question_posted": "2024-06-05 16:11:13", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/vendors-work-hard-to-put-their-products-in-front-of", "description": "Vendors work hard to put their products in front of consumers, whether choosing the right site for advertising on the Web or getting the best location in a crowded super-market. 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