Answered: In 2023, Iris and her employer each… | bartleby

SWFT Individual Income Taxes

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 38P

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Question

anl

In 2023, Iris and her employer each contributed $4,000 to her DBPP which will pay her a pension of
1.5% for every year of service based on the best three years of income. Her salary for 2023 was $92,000
and the best three years average $87,000.
a.
What is Iris's pension adjustment for 2023?
b.
How much can she contribute to her RRSP in 2024?
C.
If she began collecting her pension in 2024, how much would it be if she had 33 years of service?

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