During 2021, Mr. Bohpal has the following income and loss data:

Salary $62,000

Taxable benefits 2,100

Profit from investment advisory business 6,210

Net loss on rental property ( 4,850)

Spousal support paid to his ex-wife 2,520

Dividends from taxable Canadian corporations 2,850

Interest on Ontario Hydro bonds 3,750

In addition to the preceding information, Mr. Bohpal was a member of a Registered Pension Plan. His employer reported a Pension Adjustment of $3,000 on his 2022 T4 Slip. At the end of 2021, Mr. Bohpal had Unused RRSP Deduction Room of $10,000 and no un-deducted contributions in his RRSP account. On June 15, 2022, he contributes $8,000 to his RRSP.

Required: Determine Mr. Bohpal’s 2021 Earned Income amount, his 2022 RRSP Deduction Limit, his Unused RRSP Deduction Room at the end of 2022, and any RRSP contributions available for carry over purposes

Answer rating: 100% (QA)

To determine Mr Bohpals 2021 earned income RRSP deduction limit for 2022 unused RRSP deduction room ... View the full answer