Upon his retirement earlier this year, Salvatore received a $42,000 retiring allowance from the company for whom he had worked since 1980. He joined his company's registered pension plan two years after he was hired. If Salvatore accumulated $9,640 in RRSP contribution room for this year and he has an RRSP carryforward of $16,500 from previous years, what portion of his retiring allowance represents the NAXINUM amount he can rollover into his RRSP?
Upon his retirement earlier this year, Salvatore received a $42,000 retiring allowance from the company for whom he had worked since 1980. He joined his company's registered pension plan two years after he was hired. If Salvatore accumulated $9,640 in RRSP contribution room for this year and he has an RRSP carryforward of $16,500 from previous years, what portion of his retiring allowance represents the NAXINUM amount he can rollover into his RRSP?
Chapter2: Career Planning
Section: Chapter Questions
Problem 3DTM
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Upon his retirement earlier this year, Salvatore received a $42,000 retiring allowance from the company for
whom he had worked since 1980. He joined his company's registered pension plan two years after he was
hired. If Salvatore accumulated $9,640 in RRSP contribution room for this year and he has an RRSP
carryforward of $16.500 from previous years, what portion of his retiring allowance represents the
NAXINUM amount he can rollover into his RRSP?
Oa) $ 9,640
Ob) $ 26,140
can easy go
Oc) $ 35,000
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