Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ms. Marilyn always maximizes her RRSP contributions and has approached you to determine the maximum tax deductible RRSP contribution that she can make for 2020,
Ms. Marilyn always maximizes her RRSP contributions and has approached you to determine the maximum tax deductible RRSP contribution that she can make for 2020, based on the following from her 2019 tax return:
Gross employment income $50,650
CPP 2,163
EI 747
RPP contributions 1,500
Moving expenses 300
Spousal support paid 3,000
Loss on rental property 1,800
Interest income 300
If the pension adjustment reported by Ms. Marilyn's employer for 2019 was $2,000, then the maximum, tax deductible RRSP contribution Ms. Marilyn can make in 2020 is:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started