A taxpayer is contributing to an RRSP for the 2021 tax year. The taxpayer's earned income in 2020 was $93,000 and their pension adjustment was $7,000. Earned income and the pension adjustment were both 10% higher in 2021. The taxpayer has no unused RRSP room from prior years. If the taxpayer is contributing to their RRSP on January 29th of 2022, how much can they contribute for 2021?

A taxpayer is contributing to an RRSP for the 2021 tax year. The taxpayer's earned income in 2020 was $93,000 and their pension adjustment was $7,000. Earned income and the pension adjustment were both 10% higher in 2021. The taxpayer has no unused RRSP room from prior years. If the taxpayer is contributing to their RRSP on January 29th of 2022, how much can they contribute for 2021?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter11: Individuals As Employees And Proprietors

Section: Chapter Questions

Problem 35P

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