Michelle, an architect, earned $120,000 last year and has decided to contribute to her Registered Retirement Savings Plan. The maximum RRSP contribution for the year has been set to $ 26,400. She would like to make an RRSP contribution of $15,000. The tax bracket for her income range is 43.41%. She would like to know what is the maximum RRSP contribution for the year and much much tax refund refund she would receive from her contribution. Question 8 options: 

Michelle can contribute up to $21,600 to her RRSP, and she will receive a $6,511.50 tax refund. 

Michelle can contribute up to $21,600 to her RRSP, and she will receive a $9,376.56 tax refund. 

Michelle can contribute up to $26,500 to her RRSP, and she will receive a $9,376.56 tax refund. 

Michelle can contribute up to $26,500 to her RRSP, and she will receive a $6,511.50 tax refund

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