For the 2022 taxation year, Marion Blue has net employment income of $45,000, spousal support received of $18,000, a net business loss of $3,500, and interest receipts of $1,600. She is a member of her employer's RPP to which she contributes $1,800. Her employer makes a matching contribution and reports a 2022 PA of $3,600. At the end of 2022, she has unused RRSP deduction room of $4,800 and undeducted RRSP contributions of $3,800. In early 2023, she contributes $9,400 to her RRSP. Required: Determine Marion's maximum RRSP deduction for 2023. Assuming she deducts her maximum, determine the amount of any Unused RRSP Deduction Room that she will have available at the end of 2023, and indicate the amount of any undeducted contributions remaining at the end of 2023
For the 2022 taxation year, Marion Blue has net employment income of $45,000, spousal support received of $18,000, a net business loss of $3,500, and interest receipts of $1,600. She is a member of her employer's RPP to which she contributes $1,800. Her employer makes a matching contribution and reports a 2022 PA of $3,600. At the end of 2022, she has unused RRSP deduction room of $4,800 and undeducted RRSP contributions of $3,800. In early 2023, she contributes $9,400 to her RRSP. Required: Determine Marion's maximum RRSP deduction for 2023. Assuming she deducts her maximum, determine the amount of any Unused RRSP Deduction Room that she will have available at the end of 2023, and indicate the amount of any undeducted contributions remaining at the end of 2023
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:For the 2022 taxation year, Marion Blue has net employment income of $45,000, spousal
support received of $18,000, a net business loss of $3,500, and interest receipts of $1,600. She
is a member of her employer's RPP to which she contributes $1,800. Her employer makes a
matching contribution and reports a 2022 PA of $3,600. At the end of 2022, she has unused
RRSP deduction room of $4,800 and undeducted RRSP contributions of $3,800. In early 2023,
she contributes $9,400 to her RRSP. Required: Determine Marion's maximum RRSP deduction
for 2023. Assuming she deducts her maximum, determine the amount of any Unused RRSP
Deduction Room that she will have available at the end of 2023, and indicate the amount of any
undeducted contributions remaining at the end of 2023
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