You are a CPA working in a tax group of a medium-sized accounting firm, Smith & Ross LLP. This morning, the partner of a tax group approached you regarding new clients, Cali and Tobey Carson. Cali is a 50-year-old pharmacologist living in Calgary, AB. Tobey, aged 55, is a partner at a large law firm in Calgary. Tobey and Cali have two children who are currently attending elementary school in Calgary. Tobey and Cali are starting to look forward to retirement and would like professional advice in effectively planning for their retirement. The partner would like you to calculate Cali and Tobey's Registered Retirement Savings Plan (RRSP) contribution room for the current year, 2020, since this information will assist in Carson's retirement planning. The tax partner provides you with Carson's client file, which includes the Carsons' tax returns from 2019, as well as notes prepared by the partner's administrative assistant after his first meeting with the couple. The file and notes contain the following information: 

Transcribed Image Text:

's request and calculate the RRSP contribution room for both Cali and Tobey in 2020. Part 2 of additional information The following day, the tax partner informs you that the Carsons have indicated that they have made the following contributions to various RRSP accounts during 2020. • On March 20, Tobey made a $12,000 contribution to his RRSP account at TD Bank. • On July 3, Tobey made a $4,500 contribution to a spousal RRSP account for Cali at Royal Bank. • On November 12, Tobey made a $2,500 contribution to an RRSP account in his own name at TD Bank. • On September 3, Cali made a $7,000 contribution to an RRSP account in her own name at Scotiabank. Print Done pox and then click Check Answer. 's request and calculate the RRSP contribution room for both Cali and Tobey in 2020. Part 2 of additional information The following day, the tax partner informs you that the Carsons have indicated that they have made the following contributions to various RRSP accounts during 2020. • On March 20, Tobey made a $12,000 contribution to his RRSP account at TD Bank. • On July 3, Tobey made a $4,500 contribution to a spousal RRSP account for Cali at Royal Bank. • On November 12, Tobey made a $2,500 contribution to an RRSP account in his own name at TD Bank. • On September 3, Cali made a $7,000 contribution to an RRSP account in her own name at Scotiabank. Print Done pox and then click Check Answer.

Answer rating: 100% (QA)

QuesTION ANALYCIS 197 On 20l032020 121000 to RRSPTD Banh On ... View the full answer