Question 3 (12 marks)

During 2022, Ray Boyn has the following income and loss data:

Salary $51,450

Taxable benefits 1,580

Profit from investment advisory business 3,925

Net loss on rental property (10,750)

Spousal support received from ex-wife 2,520

Dividends from taxable Canadian corporations 2,850

Interest on Ontario Hydro bonds 3,750

In addition to the preceding information, Ray paid union dues of $110. During 2022, Ray was not a member of a registered pension plan or a deferred profit sharing plan.

At the end of 2022, Ray had Unused RRSP Deduction Room of $900 and no undeducted contributions in his RRSP account. On June 15 2023, he contributes $6,000 to his RRSP. Ray deducts the maximum allowable contribution to his RRSP in 2023.

Required:

Determine Rays 2023 Deduction Limit, his Unused RRSP Deduction Room at the end of 2023 and any RRSP contributions available for carryover purposes.