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What is the maximum allowable rrsp contribution

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Reference no: EM132704033

A 50-year old individual had the following for income amounts for the year 2019:

Business income $77,500

Capital gains $15,500

Dividend income $4,300

Interest income $2,500

Rental income $90,000

Spousal support received $65,400

Business losses $58,700

Capital losses $8,600

Rental losses $24,700

Spousal support payments $37,500

Also for 2019, the pension adjustment was $4,900 and the unused RRSP deduction limit (per the CRA's 2019 Notice of Assessment) was $15,900. For 2020, the individual's earned income was $105,400 and the pension adjustment was $4,800.

Problem 1: What is the maximum allowable RRSP contribution for 2020?

Reference no: EM132704033

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