Mark earns $65,000 gross income and is saving to buy his first home. He has $15,000...

 

 

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Mark earns $65,000 gross income and is saving to buy his first home. He has $15,000 in his RRSP and $40,000 carryforward room. He has $30,000 in his TFSA and $18,000 more room. He just received a $15,000 inheritance and wants to save it to buy the condo. Read all questions below before selecting your answers. Which account makes the most sense for him to put the $15,000 in? If he puts it in his TFSA how much tax will he save? If he puts it in his RRSP account, how much tax will he save? Choose... + Choose... + Choose... Simplified Marginal Tax Table End of Begining of range to 12,000 to 20,000 to 48,000 to 95,000 to to + 148,000 210,000 range 12,000 20,000 48,000 95,000 148,000 210,000 above Tax at start Marginal of range rate 1,200 7,360 21,460 42,660 70,560 096 15% 22% 30% 40% 45% 50% Mark earns $65,000 gross income and is saving to buy his first home. He has $15,000 in his RRSP and $40,000 carryforward room. He has $30,000 in his TFSA and $18,000 more room. He just received a $15,000 inheritance and wants to save it to buy the condo. Read all questions below before selecting your answers. Which account makes the most sense for him to put the $15,000 in? If he puts it in his TFSA how much tax will he save? If he puts it in his RRSP account, how much tax will he save? Choose... + Choose... + Choose... Simplified Marginal Tax Table End of Begining of range to 12,000 to 20,000 to 48,000 to 95,000 to to + 148,000 210,000 range 12,000 20,000 48,000 95,000 148,000 210,000 above Tax at start Marginal of range rate 1,200 7,360 21,460 42,660 70,560 096 15% 22% 30% 40% 45% 50%

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To create a simplified marginal tax table based on the g... View the full answer