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Jason and Jennifer Jones are a married couple. Jennifer Jones has been making annual spousal RRSP contributions of $3,000 for the past five years. In
Jason and Jennifer Jones are a married couple. Jennifer Jones has been making annual spousal RRSP contributions of $3,000 for the past five years. In the current year, the couple needed cash to purchase a motor home and Jason redeemed $15,000 from his spousal RRSP plan. Which of the following statements is correct with regard to Jason's redemption of $15,000 from his spousal RRSP in the current year? $3,000 is included in Jennifer's income and $12,000 in Jason's net income in the current year. $9,000 is included in Jennifer's net income and $6,000 in Jason's net income. $15,000 is included in Jennifer's net income. $15,000 is included in Jason's net income in the current year since he is the registrant of the spousal plan. QUESTION 7 Jesse Jones has asked you to calculate his RRSP deduction for the current year pursuant to ITA 60(i). Assume that the federal government's annual RRSP limit for the current year is over $26,000. Jesse provides you with the following information: - Unused RRSP deduction room at the end of the prior year =$7,000 - Prior year earned income =$80,000 - Current year earned income =$90,000 - RRSP contribution made to his self-administered RRSP plan during the current year =$12,000 - RRSP contribution made to a spousal plan (TD Bank) on February 1 of the following year =$6,000 - RRSP contribution made to his own plan (TD Bank) on April 1 of the following year =$6,000 What is Jesse's maximum RRSP deduction for the current year pursuant to ITA 60(i)? $18,000$21,400$26,000$80,000
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