The maximum amount an individual can contribute to her Registered Retirement Savings Plan (RRSP) for a year
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The maximum amount an individual can contribute to her Registered Retirement Savings Plan (RRSP) for a year is set from time to time by the regulations of the Income Tax Act. For the year 2020, the maximum contribution is the lesser of $27,230 or 18% of the individual’s “earned income” during 2019. What is the maximum RRSP amount that can be contributed in 2020 based on an income of $128,500 in 2019?
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Related Book For
Business Mathematics In Canada
ISBN: 9781260065992
10th Edition
Authors: F. Ernest Jerome, Tracy Worswick
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