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RRSP contributions

RRSP contributions

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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With respect to RRSP contributions, which of the following statements is correct? A) Contributions made during the current year and within 30 days of the end of the current year, must be deducted in the current year. B) Contributions in excess of available deduction room cannot be deducted in the current year or in any subsequent year. C) There is no penalty for making contributions that are in excess of available deduction room. D) Contributions made during the current year can be deducted in any subsequent year
Transcribed Image Text:With respect to RRSP contributions, which of the following statements is correct? A) Contributions made during the current year and within 30 days of the end of the current year, must be deducted in the current year. B) Contributions in excess of available deduction room cannot be deducted in the current year or in any subsequent year. C) There is no penalty for making contributions that are in excess of available deduction room. D) Contributions made during the current year can be deducted in any subsequent year
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