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Flag Your client has provided you with the following information: 2019 2020 2021 Employment income $20,000 Rental income $11,000 Interest income $22,000 Royalty income $38,000
Flag Your client has provided you with the following information: 2019 2020 2021 Employment income $20,000 Rental income $11,000 Interest income $22,000 Royalty income $38,000 Earned income $67,000 Must calculate PA for the year $5,000 $8,000 RRSP dollar limit $26,500 $27,230 $27,830 Unused RRSP contribution room at year end $2,000 Required: What is this taxpayers RRSP deduction limit for 2020? If the taxpayer contribution $10,000 into the RRSP on December 31, 2020 did they over contribute? Why / why not?
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