Elton earned $120,000 last year working as a recording engineer. The total amount of his contribution into his defined contribution pension plan was $12,000. These contributions earned income of $600 during the year. Elton also owns a personal Registered Retirement Savings Plan (RRSP). Assuming he has no unused RRSP contribution room carry-forward amounts from previous years, how much money can Elton contribute to his RRSP account this year if the money purchase limit is $24,000?

Answer rating: 100% (QA)

To determine the maximum RRSP contribution for Elton this year we need to ... View the full answer