Your client has provided you with the following information: 2019 2020 2021 Employment income $20,000 Rental income
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Question:
Your client has provided you with the following information:
2019 | 2020 | 2021 | |
Employment income | $20,000 | ||
Rental income | $11,000 | ||
Interest income | $22,000 | ||
Royalty income | $38,000 | ||
Earned income | $67,000 | Must calculate | |
PA for the year | $5,000 | $8,000 | |
RRSP dollar limit | $26,500 | $27,230 | $27,830 |
Unused RRSP contribution room at year end | $2,000 |
Required:
What is this taxpayer’s RRSP deduction limit for 2020? If the taxpayer contribution $10,000 into the RRSP on December 31, 2020 did they over contribute? Why / why not?
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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