During 2022, Ray Boyn has the following income and loss data:

Salary$51,450

Taxable benefits1,580

Profit from investment advisory business3,925

Net loss on rental property(10,750)

Spousal support received from ex-wife2,520

Dividends from taxable Canadian corporations2,850

Interest on Ontario Hydro bonds3,750

In addition to the preceding information, Ray paid union dues of $110. During 2022, Ray was not a member of a registered pension plan or a deferred profit-sharing plan.

At the end of 2022, Ray had an Unused RRSP Deduction Room of $900 and no undeducted contributions in his RRSP account. On June 15, 2023, he contributed $6,000 to his RRSP. Ray deducts the maximum allowable contribution to his RRSP in 2023.

Required:

Determine Ray’s 2023 Deduction Limit, his Unused RRSP Deduction Room at the end of 2023, and any RRSP contributions available for carryover purposes.

Answer rating: 100% (QA)

To calculate Rays 2023 Deduction Limit Unused RRSP Deduction Room at the end of 2023 and any RRSP contributions available for carryover purposes we ne... View the full answer