Question
During 2022, Ray Boyn has the following income and loss data: Salary$51,450 Taxable benefits1,580 Profit from investment advisory business3,925 Net loss on rental property(10,750) Spousal
During 2022, Ray Boyn has the following income and loss data:
Salary$51,450
Taxable benefits1,580
Profit from investment advisory business3,925
Net loss on rental property(10,750)
Spousal support received from ex-wife2,520
Dividends from taxable Canadian corporations2,850
Interest on Ontario Hydro bonds3,750
In addition to the preceding information, Ray paid union dues of $110. During 2022, Ray was not a member of a registered pension plan or a deferred profit-sharing plan.
At the end of 2022, Ray had an Unused RRSP Deduction Room of $900 and no undeducted contributions in his RRSP account. On June 15, 2023, he contributed $6,000 to his RRSP. Ray deducts the maximum allowable contribution to his RRSP in 2023.
Required:
Determine Ray’s 2023 Deduction Limit, his Unused RRSP Deduction Room at the end of 2023, and any RRSP contributions available for carryover purposes.
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