Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 3 (12 marks) During 2022, Ray Boyn has the following income and loss data: Salary $51,450 Taxable benefits 1,580 Profit from investment advisory business
Question 3 (12 marks)
During 2022, Ray Boyn has the following income and loss data:
Salary $51,450
Taxable benefits 1,580
Profit from investment advisory business 3,925
Net loss on rental property (10,750)
Spousal support received from ex-wife 2,520
Dividends from taxable Canadian corporations 2,850
Interest on Ontario Hydro bonds 3,750
In addition to the preceding information, Ray paid union dues of $110. During 2022, Ray was not a member of a registered pension plan or a deferred profit sharing plan.
At the end of 2022, Ray had Unused RRSP Deduction Room of $900 and no undeducted contributions in his RRSP account. On June 15 2023, he contributes $6,000 to his RRSP. Ray deducts the maximum allowable contribution to his RRSP in 2023.
Required:
Determine Rays 2023 Deduction Limit, his Unused RRSP Deduction Room at the end of 2023 and any RRSP contributions available for carryover purposes.
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