Davide made a $25,000 Registered Retirement Savings Plan (RRSP) contribution at his bank. He is a resident of Quebec and in the highest tax bracket at 53.31%. How much of a refund can Davide expect to receive for making this contribution? A $13,328 $25,000 C $11,673 $15,786 RRSP's are similar to Tax-Free Savings Accounts (TFSA's) and are not tax deductible, no refund is expected
Davide made a $25,000 Registered Retirement Savings Plan (RRSP) contribution at his bank. He is a resident of Quebec and in the highest tax bracket at 53.31%. How much of a refund can Davide expect to receive for making this contribution? A $13,328 $25,000 C $11,673 $15,786 RRSP's are similar to Tax-Free Savings Accounts (TFSA's) and are not tax deductible, no refund is expected
Chapter7: Tax Credits
Section: Chapter Questions
Problem 12MCQ
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Question
![Davide made a $25,000 Registered Retirement Savings Plan (RRSP) contribution at his bank. He is a resident of Quebec and in the highest tax bracket at 53.31%.
How much of a refund can Davide expect to receive for making this contribution?
A
$13,328
$25,000
C
$11,673
$15,786
E
RRSP's are similar to Tax-Free Savings Accounts (TFSA's) and are not tax deductible, no refund is expected](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5b258087-3b28-4aac-8537-efa3e32933b7%2F6f26c3f3-e559-4caa-9f25-0f4b2da98ad1%2Fufgcrp_processed.png&w=3840&q=75)
Transcribed Image Text:Davide made a $25,000 Registered Retirement Savings Plan (RRSP) contribution at his bank. He is a resident of Quebec and in the highest tax bracket at 53.31%.
How much of a refund can Davide expect to receive for making this contribution?
A
$13,328
$25,000
C
$11,673
$15,786
E
RRSP's are similar to Tax-Free Savings Accounts (TFSA's) and are not tax deductible, no refund is expected
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