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Travis is a great football star and received a full scholarship when he was at Concordia. He graduated from Concordia in December 2 0 2
Travis is a great football star and received a full scholarship when he was at Concordia. He graduated from Concordia in December and joined the Canadian Football League CFL on January He never worked before this as he was always in football training camps over the summer. To date, he has never made a Registered Retirement Savings Plan RRSP contribution. He considers his salary low but knows that in time, he will prove himself on the field and bring in the big bucks. He was happy that on December he received a large bonus and wished to maximize his RRSP contribution to use as a deduction on his personal income tax returns. There is no pension plan in the CFL The formula for RRSP contribution is the lesser of of the previous years earned income or the yearly maximum based on the RRSP table below. How much did Travis put in his RRSP Hint: Ignore the $ lifetime overcontribution grace amount and consider carryforward amounts.
RRSP TABLE:
Year RRSP Contribution Limit
$
$
$
Year Travis' salary
$
$
$
Select one:
a
$
b
$
c
$
d
$
e
$
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