Michael earned $50,000 in salary and $5,000 in net rental income in the previous taxation year. He does not belong to any other pension plan but made a $3,000 cash contribution to his wifes spousal RRSP. He has no additional carry-forward room available. What is the maximum amount Michael could contribute to his RRSP for the current taxation year without incurring penalties?

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To determine the maximum amount Michael could contribute to his Registered Retirement Savings Plan R... View the full answer