K Save Carson You are a CPA working in the tax group of a medium-sized accounting firm, Smith & Ross LLP. This moming, the partner of the tax group approached you regarding new clients, Chibe and Tyler Chloe is a 50-year-old pharmacologist living in Edmonton, AB. Tyler, aged 55, is a partner at a large law firm in Edmonton. Tyler and Chice have two children who are currently attending elementary school in Edmonton. Tyler and Chloe are starting to look forward to retirement and would like professional advice in effectively planning for their retirement The partner would like you to calculate Chloe and Tyler's Registered Retirement Savings Plan (RRSP) contribution room for the current year, 2022, since this information will assist in the Carsons retirement planning. The tax partner provides you with the Carsons' client file, which includes the Carsons' tax returns from 2021, as well as notes prepared by the partner's administrative assistant after his first meeting with the couple. The file and notes contain the following information. View Part 1 of the additional information. View Part 2 of the additional information. Secured Requirement 1. Complete the partner's request and calculate the RRSP contribution room for both Chloe and Tyler in 2022. The RRSP contribution limit in 2022 is $29.210. Contribution room for Chloe: Contribution room for Tyler: 10 - X approa be have or their ear, 202 as note You are a CPA Carson. Chloe is a 50- school in Edm The partner w retirement pla after his first n View Part 1 of Required Part 1 of additional information Chloe was previously married. According to her divorce agreement, she must make monthly payments for the maintenance of her former spouse of $900. Chloe indicated that she has always made all required spousal support payments. A copy of Chloe's T4 slip for 2021 shows gross salary of $63,500. From this amount, the employer withheld the following amounts. Income tax: $15,300 . CPP: maximum for the year (see the Tax Rate sheet) El: maximum for the year (see the Tax Rate sheet) Requirement Contribution Contribution Registered Pension Plan (RPP): $2,000 Pension Adjustment: $4,000 Other relevant information from Chloe's tax return for 2021 is shown below. Actual amount of eligible dividends: $2,500 Interest income: $3,600 Unused RRSP deduction room at the end of 2021: $5,300 A copy of Tyler's statement of partnership income from the previous year shows that his income eamed as an active partner was $320,000. Tyler's law firm does not provide pension plans for its partners. Tyler owns a rental property and reported a net rental loss of $3,700 on his 2021 tax return. Tyler owns some farm land in Alberta. There is an oil well located on this land, and Tyler receives some resource royalty income each year. In 2021, Tyler earned royalty income of $6,540. Other relevant information from Tyler's 2021 tax return: Actual amount of ineligible dividends: $12,300 Print Done contribut Required maximum for the year (see the Tax Rate sheet) El: maximum for the year (see the Tax Rate sheet) Registered Pension Plan (RPP): $2,000 Pension Adjustment: $4,000 Other relevant information from Chloe's tax return for 2021 is shown below. Requirement Contribution Contribution . Actual amount of eligible dividends: $2,500 . Interest income: $3,600 Unused RRSP deduction room at the end of 2021: $5,300 A copy of Tyler's statement partnership income from the previous year shows that his income earned as an active partner was $320,000. Tyler's law firm does not provide pension plans for its partners. Tyler owns a rental property and reported a net rental loss of $3,700 on his 2021 tax return. Tyler owns some farm land in Alberta. There is an oil well located on this land, and Tyler receives some resource royalty income each year. In 2021, Tyler earned royalty income of $6,540. Other relevant information from Tyler's 2021 tax return: Actual amount of ineligible dividends: $12,300 Interest income: $8,100 Unused RRSP deduction room at the end of 2021: $600. Print Done Tyler and Chloe are starting to look forward to retirement and would like professional advice in effectively planning for their reti Is a partner at a large law firm in Edmonton. Tyler and Chloe have tw The partner would like you to calculate Chloe and Tyler's Registered Retirement Savings Plan (RRSP) contribution room for the current year, 2022, retirement planning. The tax partner provides you with the Carsons' client file, which includes the Carsons' tax retums from 2021, as well as notes p after his first m View Part 1 of Required Part 2 of additional information - X Requirement Contribution Contribution The following day, the tax partner informs you that the Carsons have indicated that they have made the following contributions to various RRSP accounts during 2022. On March 20, Tyler made a $12,000 contribution to his RRSP account at TD Bank. On July 3, Tyler made a $3,750 contribution to a spousal RRSP account for Chloe at Royal Bank. On November 12, Tyler made a $2,000 contribution to an RRSP account in his own name at TD Bank. On September 3, Chloe made a $8,000 contribution to an RRSP account in her own name at Scotiabank. Print Done contribution