Question
During the year ending December 31, 2018, Wilma Collins has employment income before the deduction of any RPP contributions of $40,000, a net rental loss
During the year ending December 31, 2018, Wilma Collins has employment income before the deduction of any RPP contributions of $40,000, a net rental loss of $16,000, dividends from taxable Canadian corporations with a total grossed up amount of $6,000, and income from royalties of $7,000.The royalties were on a book written by Ms. Collins in her undergraduate years at university.She has no Unused RRSP Deduction Room from previous years.
She is not a member of a Registered Pension Plan or a Deferred Profit Sharing Plan during 2018.Her maximum deductible 2019 Registered Retirement Savings Plan contribution is:
A.$5,400
B.$5,580
C.$6,660
D.$9,540
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
