JAGDISH PATEL LIKE TO KNOW HOW MUCH OF HIS UNUSED RRSP DEDUCTION ROOM WILL CARY FORWARD...

 

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JAGDISH PATEL LIKE TO KNOW HOW MUCH OF HIS UNUSED RRSP DEDUCTION ROOM WILL CARY FORWARD TO THE NEXT TAXATION YEAR. ASSUME THE FEDERAL GOVERNMENT ANNUAL RRSP LIMIT FOR THE CURRENT YEAR IS SET AT 26,000. JAGDISH PROVIDES YOU WITH THE FOLLOWING INFORMATION: UNUSED RRSP DEDUCTION ROOM AT DECEMBER 31 OF THE PRIOR YEAR = 250 PRIOR YEAR EARNED INCOME = $82,500 CURRENT YEAR EARNED INCOME =$95,750 RRSP CONTRIBUTION MADE TO HIS OWN SEFT-ADMINISTERED RRSP PLAN DURING THE CURRENT YEAR = $12,430 JAGDISH DOES NOT HAVE AN EMPLOYER-PROVIDED PENSION PLAN, SO HIS PENSION ADJUSTMENT IN THE PRIOR YEAR AND CURRENT YEAR IS ZERO. JAGNISH TAKES MAXIMUM RRSP DEDUCTION ON HIS CURRENT YEAR TAX RETURN. WHAT IS JAGDISH PATEL UNSUSED RRSP DEDUCTION ROOM AT THE END OF THE CURRENT YEAR? JAGDISH PATEL LIKE TO KNOW HOW MUCH OF HIS UNUSED RRSP DEDUCTION ROOM WILL CARY FORWARD TO THE NEXT TAXATION YEAR. ASSUME THE FEDERAL GOVERNMENT ANNUAL RRSP LIMIT FOR THE CURRENT YEAR IS SET AT 26,000. JAGDISH PROVIDES YOU WITH THE FOLLOWING INFORMATION: UNUSED RRSP DEDUCTION ROOM AT DECEMBER 31 OF THE PRIOR YEAR = 250 PRIOR YEAR EARNED INCOME = $82,500 CURRENT YEAR EARNED INCOME =$95,750 RRSP CONTRIBUTION MADE TO HIS OWN SEFT-ADMINISTERED RRSP PLAN DURING THE CURRENT YEAR = $12,430 JAGDISH DOES NOT HAVE AN EMPLOYER-PROVIDED PENSION PLAN, SO HIS PENSION ADJUSTMENT IN THE PRIOR YEAR AND CURRENT YEAR IS ZERO. JAGNISH TAKES MAXIMUM RRSP DEDUCTION ON HIS CURRENT YEAR TAX RETURN. WHAT IS JAGDISH PATEL UNSUSED RRSP DEDUCTION ROOM AT THE END OF THE CURRENT YEAR?

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