Dwayne Brooks is self employed and, because of the high level of his income, is required to make a 2019 CPP contribution of $5,498 [(2)($2,749)]. How will this affect his 2019 Net Income For Tax Purposes and his 2019 Taxable Income?

A

Neither his Net Income For Tax Purposes nor his Taxable Income will be affected.

B

Both his Net Income For Tax Purposes and his Taxable Income will be reduced by $825.

C

Both his Net Income For Tax Purposes and his Taxable Income will be reduced by $2,749.

D

Both his Net Income For Tax Purposes and his Taxable Income will be reduced by $5,498.