mc_s_19_22 - for 2010 is the individual's unused RRSP...

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MULTIPLE CHOICE QUESTIONS SOLUTIONS Q19. (a) $12,360. Unused RRSP carried forward from 2009: Lesser of: $21 ,000 - $6,000 = $ 15,000 and 18% of $50,000 - $6,000 = $ 3,000 $ 3,000 Plus 2010 contribution limit Lesser of: $22,000 and $22,000 18% of $52,000 = 9,360 9,360 $12,360 Q20. (c) He cannot claim the 50% of the cost that was reimbursed. Moving expenses are a miscellaneous deduction, not specifically a deduction against income from employment. Q21. (d) Support payments in respect of children are not deductible and not taxable. Q22. (d) $6,253 Maximum annual contribution limit for an individual who is a member of an RPP
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Unformatted text preview: for 2010 is:- the individual's unused RRSP deduction room carried forward- plus the lesser of:- $22,000; and- 18% of earned income in 2009 less pension adjustment from the prior year. Earned income Income from employment $50,650 Less: Spousal support payments (3,000) Loss on rental property (1,800 ) $45,850 Deduction Lesser of:- $22,000; and- 18% of $45,850 = $ 8,253 less pension adjustment of (2,000 ) $ 6,253 Page 1...
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