What is the maximum amount of retiring allowance that Max can shelter from tax by transferring directly
Fantastic news! We've Found the answer you've been seeking!
Question:
What is the maximum amount of retiring allowance that Max can shelter from tax by transferring directly into his RRSP?
Max retired in 2020 and received a $100,000 retiring allowance. Max worked for his employer for the past 18 years and always contributed the maximum he could to his RRSP so he has no unused RRSP contribution room. He never belonged to a registered pension plan or a deferred profit sharing plan during any of those years.
Related Book For
Taxation Of Individuals And Business Entities 2021
ISBN: 9781260247138
12th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham
Posted Date: