mc_q_19_22 - (a) the payments must be made on a periodic...

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MULTIPLE CHOICE QUESTIONS Q19. Mrs. Jacks is employed by RME Industries Ltd. RME Industries Ltd. does not offer a registered pension plan or a deferred profit sharing plan to its employees. Given the following, what is the maximum RRSP contribution that Mrs. Jacks can deduct for the 2010 taxation year? 2008 2009 2010 Earned income $50,000 $52,000 $53,000 RRSP contributions claimed Maximum $ 6,000 ? (a) $12,360 (b) $9,360 (c) $16,500 (d) $18,000 Q20. Stan Aiken changed employment during 2010 and, as a result of the change, moved 150 kilometres, from Windsor to London. His new employer was located in London and reimbursed 50% of Stan's eligible moving expenses. On his 2010 personal tax return, Stan can: (a) Claim 100% of his moving expenses against his income from employment. (b) Claim 50% of his moving expenses against his income from employment. (c) Claim 50% of his moving expenses against his income from his new employer. (d) Claim 0% of his moving expenses. Q21. Which of the following is NOT a requirement for support payments to be deductible?
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Unformatted text preview: (a) the payments must be made on a periodic basis (b) the payments must be made for a period of time that the spouses or former spouses are living apart (c) the payments must be made pursuant to a separation agreement (d) the children for whom the payments are made must be children of the marriage Q22. Ms. Marilyn has approached you to determine the maximum RRSP contribution, which is tax deductible, that she can make for 2010. The following information was taken from Ms. Marilyns 2009 tax return. Income from employment $50,650 CPP 2,163 EI 747 RPP contributions 1,500 Moving expenses 300 Spousal support payments 3,000 Loss on rental property 1,800 Interest income 300 The pension adjustment reported by Ms. Marilyn's employer for 2009 was $2,000. The maximum, tax deductible RRSP contribution Ms. Marilyn can make in 2010 is: (a) $6,793 (b) $22,000 (c) $5,929 (d) $6,253 Page 1...
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This note was uploaded on 02/05/2011 for the course ACTG 4720 taught by Professor Gaildrory during the Winter '11 term at York University.

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