Question 4: 10 Your client has provided you with the following information: 2019 2020 2021 Employment income $20,000 Rental income $11,000 Interest income $22,000 Royalty
Question 4: 10
Your client has provided you with the following information:
| 2019 | 2020 | 2021 |
Employment income |
| $20,000 |
|
Rental income |
| $11,000 |
|
Interest income |
| $22,000 |
|
Royalty income |
| $38,000 |
|
Earned income | $67,000 | Must calculate |
|
|
|
|
|
PA for the year | $5,000 | $8,000 |
|
RRSP dollar limit | $26,500 | $27,230 | $27,830 |
Unused RRSP contribution room at year end | $2,000 |
|
|
Required:
What is this taxpayers RRSP deduction limit for 2020? If the taxpayer contribution $10,000 into the RRSP on December 31, 2020 did they over contribute? Why / why not?
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Authors: Paula Ladenburg Land
2nd Edition
1937434826, 978-1937434823
