1.Victoria earns $90,000 in 2022. She is a member of her employer’s deferred profit-sharing plan. The defined contribution plan limit for 2022 is $30,780. If the maximum amount is contributed to her deferred profit-sharing plan (DPSP) this year, and she has an unused RRSP contribution room of $5,250, how much can she contribute to her RRSP in 2023?

2. On March 22, 2022, Carlos borrows the maximum allowed from his RRSP under the Home Buyers’ Plan. He intends to use the funds towards the down payment for a $750,000 house. What is the minimum amount that he must repay annually? What is the deadline for the first payment?

3. In September 2022, Bruce enters the MBA program at York University. To help fund his education he withdraws $6,000 from his RRSP under the Lifelong Learning Program (LLP) in 2022 and another $6,000 in 2023. If he graduates from the program in April 2024, what is the minimum amount and deadline (i.e. specific date) for making his first annual repayment?

Answer rating: 100% (QA)

1 Victoria earns 90000 in 2022 She is a member of her employers deferred profitsharing plan The defi... View the full answer