Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Thomas Jurc s a Cana&an resident tor name tar purposes. He nas the todlowng Income tor 201B am' 2019. Income trom employment Gross salary
Thomas Jurc s a Cana&an resident tor name tar purposes. He nas the todlowng Income tor 201B am' 2019. Income trom employment Gross salary Less contribution to employers RPP Income trom Taxme OMCenOs trom Canadian public corps. Gross up Bank interest received Rental income gross Deouctt*e rental expenses Other deducnons Alimony payments paid In (Mne trom business Share ot income trom pannership S 124.000 2 coo 122 000 3.500 4,820 6820 16.000 g COO 820 (7,500b s 145.330 S 133,500 130 soo 2, soo 1 soo 4,980 Is,soo (B,ooo) s 143.950 Assume Thomas put following into his self-administered RASP: 20, 7021 S 70000 He notmake an RRSP contributor, 2019. s Of me partnership and NhiS pension (PA) follows: 7018 2019 S 4000 S 6,000 REQUIRED (SHOW ALL DETAIL S & CALCUAT10Nsr [5 mark S] Calculate the purpose 01 determining his 2019 2020 RRSP Contritlufjons 'Sting items and amounts be hig [6 mark S] compute available RRSP contribution 20 lg 202m (CRA RRSP Maximum contribution Limit 2019 - 2020 - "7,230) Part C aased on information. calculate Thomas' maximum RRSP "lathe Can daim in 2019 and 2020 Indicate the amount 01 unused Contribution at the end Of 2020
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started