Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 3: Mr. Arnetts employer sponsors both a money purchase RPP and a DPSP. During the current year, his employer contributes $2,300 to the RPP

Exercise 3: Mr. Arnetts employer sponsors both a money purchase RPP and a DPSP. During the current year, his employer contributes $2,300 to the RPP and $1,800 to the DPSP on behalf of Mr. Arnett. Mr. Arnett contributes $2,300 to the RPP. Calculate the amount of the Pension Adjustment that will be included on Mr. Arnetts T4 for the current year.

Exercise 4: During 2020, Mr. Black has taxable capital gains of $23,650, net rental income of $6,530, pays spousal support of $18,000, and has net employment income of $75,600. Based on his RPP contributions of $2,400 and the matching contributions made by his employer, his employer reports a 2019- pension adjustment of $4,800. Mr. Black has unused RRSP Deduction Room carried forward from 2019 of $10,750. Also, at this time, his RRSP contains undeducted contributions of $6,560. During 2020, he makes contributions to his RRSP of $13,200. Determine Mr. Blacks maximum RRSP deduction for 2020. Assuming he deducts his maximum, determine the amount of any unused RRSP Deduction Room that he will have available at the end of 2020, and indicate whether he has any undeducted contributions remaining at the end of 2020.

Exercise 5 During 2019, Mr. Garveau makes a $5,000 contribution to a new RRSP in which he is the registrant. His wife, Mrs. Charron Garveau also makes a $5,000 contribution to his RRSP in 2019. Mrs. Garveau does not make any further contribution to her husbands RRSP. However, Mr. Garveau makes a $6,500 contribution. During 2020, Mr. Garveau withdraws $9,000 from his RRSP. How will this withdrawal be taxed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Foundations Of Statistics For Data Scientists With R And Python

Authors: Alan Agresti

1st Edition

0367748452, 978-0367748456

More Books

Students also viewed these Finance questions