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Frank made $45,000 in taxable income in 2013. He had a marginal tax rate of 31% and an average tax rate of 20%. He made

  1. Frank made $45,000 in taxable income in 2013. He had a marginal tax rate of 31% and an average tax rate of 20%. He made an RRSP contribution of $5,000. How much tax did he save by making the RRSP contribution?
    1. $1,000
    2. $1,550
    3. $9,000
    4. $13,950

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