How much more would he have to contribute to do so

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Q1. Mr. Renaud has 2019 earned income for RRSP purposes of $30000. His employer reports a 2019 pension adjustment of $5100. His unused RRSP deduction room carried forward from 2019 was $35000. During 2020, he contributes $5400 to his RRSP and chooses to deduct the full amount contributed. If Mr. Renaud wanted to deduct his maximum RRSP deduction, how much more would he have to contribute to do so?

Q2. During the year ending December 31, 2015, Wilma Collins has employment income before the deduction of any RPP contributions of $40,000, a net rental loss of $16,000, dividends from taxable Canadian corporations with a total grossed up amount of $6,000, and income from royalties of $7,000. The royalties were on a book written by Ms. Collins in her undergraduate years at university. She has no Unused RRSP Deduction Room from previous years. She is not a member of a Registered Pension Plan or a Deferred Profit Sharing Plan during 2015. Her maximum deductible 2016 Registered Retirement Savings Plan contribution is:

A. $5,400

B. $5,580

C. $6,660

D. $9,540

Reference no: EM133032116

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