Reference no: EM133006861
Problem - Regarding Rodney's Registered Retirement Savings Plan situation, assume that the following data is accurate:
- His earned income in 2019 was $100,000, and $150,000 in 2020.
- His Pension Adjustment based on 2019 data was $8,000, and based on 2020 data, it was $9,000.
- Unused RRSP deduction limit room at the end of 2019 was $3,000.
- He had undeducted RRSP contributions balance of $3,275 at the end of 2019.
- He contributed $13,000 to his RRSP in 2020.
Required -
1. What is the RRSP contribution room limit for 2020.
2. What is the maximum RRSP tax deduction that can be claimed for 2020.
3. What is the unused RRSP Contribution Room available at the end of 2020.
4. Determine any undeducted contributions remaining at the end of 2020; and 5. Determine whether at the end of 2020, there are any excess RRSP contributions, on which penalties will apply.
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