She returned to work on a part time basis in 2018, resulting in Earned Income for RRSP purposes of $19,100. Also during 2018, she receives a bequest from the estate of her father in RRSP. She does not deduct any RRSP contributions during this year. She also makes sufficient the amount of $225,000. She immediately contributes $25,000 of this inheritance to her charitable donations that her 2018 Tax Payable is reduced to nil. During 2019, she resumes feshtire employment, resulting in a 2019 Earned Income for RRSP purposes of $47,800 while sher daimise eh masimum RRSP deduction for 2019, she makes no Required: A. Determine Karla's maximum RRSP deduction for 2019. B. Determine the ITA 204.1 penalty (excess RRSP contributions) that would be assessed to Karla for the year ending December 31, 2019. C. Determine the amount of contributions that Karla would have to withdraw from her RRSP on January 2, 2020 in order to avoid being assessed a penalty under ITA 204.1. What advice would you give to Karla regarding her retirement savings? 107.blo norenegorod banitas mulair of now Assignment Problem Ten - 3 (Net Income With RRSP Contributions) sables During 2018, Mr. Jeff Singer has the following amounts of income and deductions that will be used in calculating his Net Income For Tax Purposes: Net Employment Income Jeff's net employment income was $59,000. This included commissions of $12,000 and taxable benefits of $6,000. It was after deduc- tions which totaled $8,000. This $8,000 amount included contributions to the employer's RPP of $1,500. The employer made a matching contribution of $1,500 and, in addition, contributed $1,000 to a deferred profit sharing plan on Jeff's behalf. Property Income Jeff's property income was made up of interest of $2,300, eligible dividends received of $1,400, and royalties of $5,000. The royalties were on a soft- ware application that he developed in a previous year. He also had a net rental loss of $27,200. Capital Gains And Losses During 2018, Jeff had taxable capital gains of $62,000 and allowable capital losses of $6,000. In the determination of his 2018 Taxable Income, he deducted a net capital loss carry forward of $56,000 [(1/2)($112,000)). Other Income And Deductions During 2018, Jeff received $12,000 in spousal support payments from his first wife. As he has custody of his 14 year old son from this marriage, he also receives $11,000 in child support payments. In addition, Jeff paid $24,000 in spousal support payments to his second wife. As he has decided to remain single for the rest of his life, he has deductible child care costs during 2018 of $5,000. Jeff has $18,000 in unused deduction room and $20,000 in undeducted contribu- tions at the end of 2018, but Jeff did not make an RRSP deduction in 2018. This is as the result of advice from his brother, who read on an investing blog that this would protect him if his RRSP investments lost value. She returned to work on a part time basis in 2018, resulting in Earned Income for RRSP purposes of $19,100. Also during 2018, she receives a bequest from the estate of her father in RRSP. She does not deduct any RRSP contributions during this year. She also makes sufficient the amount of $225,000. She immediately contributes $25,000 of this inheritance to her charitable donations that her 2018 Tax Payable is reduced to nil. During 2019, she resumes feshtire employment, resulting in a 2019 Earned Income for RRSP purposes of $47,800 while sher daimise eh masimum RRSP deduction for 2019, she makes no Required: A. Determine Karla's maximum RRSP deduction for 2019. B. Determine the ITA 204.1 penalty (excess RRSP contributions) that would be assessed to Karla for the year ending December 31, 2019. C. Determine the amount of contributions that Karla would have to withdraw from her RRSP on January 2, 2020 in order to avoid being assessed a penalty under ITA 204.1. What advice would you give to Karla regarding her retirement savings? 107.blo norenegorod banitas mulair of now Assignment Problem Ten - 3 (Net Income With RRSP Contributions) sables During 2018, Mr. Jeff Singer has the following amounts of income and deductions that will be used in calculating his Net Income For Tax Purposes: Net Employment Income Jeff's net employment income was $59,000. This included commissions of $12,000 and taxable benefits of $6,000. It was after deduc- tions which totaled $8,000. This $8,000 amount included contributions to the employer's RPP of $1,500. The employer made a matching contribution of $1,500 and, in addition, contributed $1,000 to a deferred profit sharing plan on Jeff's behalf. Property Income Jeff's property income was made up of interest of $2,300, eligible dividends received of $1,400, and royalties of $5,000. The royalties were on a soft- ware application that he developed in a previous year. He also had a net rental loss of $27,200. Capital Gains And Losses During 2018, Jeff had taxable capital gains of $62,000 and allowable capital losses of $6,000. In the determination of his 2018 Taxable Income, he deducted a net capital loss carry forward of $56,000 [(1/2)($112,000)). Other Income And Deductions During 2018, Jeff received $12,000 in spousal support payments from his first wife. As he has custody of his 14 year old son from this marriage, he also receives $11,000 in child support payments. In addition, Jeff paid $24,000 in spousal support payments to his second wife. As he has decided to remain single for the rest of his life, he has deductible child care costs during 2018 of $5,000. Jeff has $18,000 in unused deduction room and $20,000 in undeducted contribu- tions at the end of 2018, but Jeff did not make an RRSP deduction in 2018. This is as the result of advice from his brother, who read on an investing blog that this would protect him if his RRSP investments lost value