Information related to Nick's 2019 Income is as follows: Taxable capital gains of: $48,000 Net rental income

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Information related to Nick's 2019 Income is as follows:

Taxable capital gains of:			$48,000
Net rental income of:			$12,000
Taxable dividend income			$6,000
Interest income			$8,000
Paid spousal support of:			$32,000
Net employment income of:			$160,000
RPP contribution of:			$10,000

Nick also had a pension adjustment in 2019 of:					$14,000
At the end of 2019, Nick has Unused RRSP Deduction Room of:					$32,000
Also at this time, Nick's RRSP contains undeducted contributions of:					$16,000
During 2020, Nick makes contributions to his RRSP of:					$28,000

Determine Nick's maximum RRSP deduction for 2020.
Assuming he deducts his maximum, determine the amount of any Unused RRSP Deduction Room that he will have available at the end of 2020,
Also, indicate the amount of any undeducted contributions remaining at the end of 2020.

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Canadian Income Taxation planning and decision making

Canadian Income Taxation planning and decision making

ISBN: 9781259094330

17th edition 2014-2015 version

Authors: Joan Kitunen, William Buckwold

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Posted Date: Apr 28, 2021 08:48 PM

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