What is kyler dowling maximum rrsp deduction

Assignment Help Financial Accounting

Reference no: EM132769737

Problem 1: Kyler Dowling would like to know his maximum RRSP deduction in the current year. The Federal government's annual RRSP limit for the current year is set at $26,500. Kyler provides you with the following information. . Unused RRSP Deduction Room at December 31 of the prior year: $8,000 . Prior year earned income: $76,000 . Current year earned income: $91,000 RRSP contribution made to his own self-administered RRSP plan during the current year: $11,700 . RRSP contribution made to a spousal plan (TD Bank) on February 1 of the following year: $6,200 . RRSP contribution made to his own plan (TD Bank) on March 15 of the following year: $5,500 What is Kyler Dowling's maximum RRSP deduction for the current year?

Choose the correct answer.

A. $21,680

B. $24,380

C. $26,500

D. $17,900

Reference no: EM132769737

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