Jacob Dowling would like to know his maximum RRSP deduction in the current year. The Federal government's annual RRSP limit for the current year is set at $26.500. Jacob provides you with the following information. • Unused RRSP Deduction Room at December 31 of the prior year: $8,000 Prior year earned income: $84,000 • Current year eared income: $95,000 •RRSP contribution made to his own self-administered RRSP plan during the current year: $11.900 •RRSP contribution made to a spousal plan (TD Bank) on February 1 of the following year: $5,800 •RRSP contribution made to his own plan (TD Bank) on March 15 of the following year: $4,700 What is Jacob Dowling's maximum RRSP deduction for the current year? Choose the correct answer. ⒸA. $25,100 OB. $17,700 OC. $26,500 OD. $23,120
Jacob Dowling would like to know his maximum RRSP deduction in the current year. The Federal government's annual RRSP limit for the current year is set at $26.500. Jacob provides you with the following information. • Unused RRSP Deduction Room at December 31 of the prior year: $8,000 Prior year earned income: $84,000 • Current year eared income: $95,000 •RRSP contribution made to his own self-administered RRSP plan during the current year: $11.900 •RRSP contribution made to a spousal plan (TD Bank) on February 1 of the following year: $5,800 •RRSP contribution made to his own plan (TD Bank) on March 15 of the following year: $4,700 What is Jacob Dowling's maximum RRSP deduction for the current year? Choose the correct answer. ⒸA. $25,100 OB. $17,700 OC. $26,500 OD. $23,120
Chapter12: Tax Credits And Payments
Section: Chapter Questions
Problem 26P
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Question
am.301.
Transcribed Image Text:Jacob Dowling would like to know his maximum RRSP deduction in the current year. The Federal government's annual RRSP limit for the current year is set at
$26,500. Jacob provides you with the following information.
• Unused RRSP Deduction Room at December 31 of the prior year: $8,000
• Prior year earned income: $84,000
• Current year earned income: $95,000
• RRSP contribution made to his own self-administered RRSP plan during the current year: $11,900
•RRSP contribution made to a spousal plan (TD Bank) on February 1 of the following year: $5,800
• RRSP contribution made to his own plan (TD Bank) on March 15 of the following year: $4,700
What is Jacob Dowling's maximum RRSP deduction for the current year?
Choose the correct answer.
OA. $25,100
OB. $17,700
OC. $26,500
OD. $23,120
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