Question
What is the MAXIMUM amount Beryl can contribute to her RRSP such that the entire amount can be deducted this year? Source of Income This
- What is the MAXIMUM amount Beryl can contribute to her RRSP such that the entire amount can be deducted this year?
Source of Income | This Year | Last Year |
net income from employment | $68,750 | $66,490 |
net self-employment income | $36,150 | $17,100 |
medical research grant | $12,500 | $ 4,850 |
deductible alimony payments paid out | $ 6,000 | $ 6,000 |
child support payments paid out | $ 9,000 | $ 9,000 |
supplementary unemployment benefits received | -- | $ 3,250 |
net rental income / (loss) | $18,000 | ($ 3,800) |
(re: Beryl's 100% ownership interest in a rental property) | ||
contributions to defined-benefit RPP (employee portion only) | $ 3,438 | $ 3,325 |
interest income from a Canada Savings Bond | $ 1,435 | $ 1,120 |
taxable capital gains from the sale of common shares | $14,600 | $ 8,450 |
Assume the RRSP contribution limit for this year is $27,830
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To determine the maximum RRSP contribution that Beryl can deduct this year we need to consider the R...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