Fred Tran is looking for some advice on his retirement savings and has provided the following information regarding his income: 2019 2020 Employment income Less: Registered Pension Plan contribution Net employment income $85,000 (8,500) 76,500 $ 96,000 (9,600) 86.400 Grossed-up dividends Interest 6,000 1,000 9,000 2,000 10,000 21,000 Net rental income (loss) Total property income (2,000) 5,000 Taxable capital gains 6,000 4.500 $87,500 $111,900 Pension adjustment $ 9,350 $ 10,950 Fred's unused Registered Retirement Savings Plan (RRSP) deduction room at the end of 2019 was $2,000. Fred would like to know if there are any other tax-deferred ways to save for retirement other than RRSPS. Fred has heard of Tax-Free Savings Accounts (TFSAS) but doesn't know much about them. Required: a) Calculate the maximum RRSP deduction available to Fred for 2020. (4.5 marks) b) Address Fred's question regarding TFSAS by providing four comparisons to RRSPS. (2 marks)