Q1. Sandra earned $72,500 in salary last year. She also co-authored a book and earned $6,750 in royalties. She paid $9,600 in spousal support to her ex-husband and she earned $800 in dividends from her investments. She sold some of her investments for a taxable capital gain of $3,500 and earned a net rental income of $15,900 from an investment property. Calculate her total earned income for RRSP purposes and her maximum allowable RRSP contribution?

Q2. Joan earned $90,000 in salary in 2021. She contributes $7,500 in 2022 to an RRSP belonging to her husband John. What are the tax implications if John withdraws $10,000 from his RRSP in 2024?

Q3. Jeff earned $92,750 in 2021 and has unused RRSP contribution room of $14,420 carried over from previous years. His employer paid $7,420 into his defined contribution pension plan last year, and he also contributed $3,710. If he decides to invest $10,000 into his wifes RRSP, what is the most he can contribute into his own RRSP in 2022?

Q4. On October 23, 2021, Wendy made a contribution to her individual RRSP that caused her to have total excess contributions of $6,325. She did not realize the problem until several months later and corrected it on March 7, 2022. Calculate her tax penalty