1. John purchased in December this year, a RRSP for $4,000. His Last Year's...

80.2K

Verified Solution

Question

Accounting

1.

John purchased in December this year, a RRSP for $4,000.

His Last Year's Earned Income was $10,000.

His Last Year's Pension Adjustment was $0.

Please choose the most accurate answer?

The maximum RRSP deduction on Line 20800 is $1,800

From this year's RRSP purchase, the Carry forward for future RRSP deductions is $2,200

The maximum RRSP deduction on Line 20800 is $1,800

From this year's RRSP purchase, the Carry forward for future RRSP deductions is $4,000

The maximum RRSP deduction on Line 20800 is $4,000

From this year's RRSP purchase, the Carry forward for future RRSP deductions is $2,200

The maximum RRSP deduction on Line 20800 is $1,800

From this year's RRSP purchase, the Carry forward for future RRSP deductions is $0

2.

Jane, this year moves 1,000 kilometers closer to her employment work place.

She has the follwoing moving cost related to her move, as noted above.

Her employment income after her move was $10,000

She wil apply the Simplied Method for Mileage (KM) and Meals claims.

Moving Cost: $2,000

Mileage: Kilometer driven by her personal automobile: 1,000 km.

Days to drive to her new home: 3 days.

Please choose the most accurate answer related to her moving expense deduction this year?

An employee must move a minimum of 40 kilometers in order to claim moving expense deduction this year.

Jane's moving expense deduction this year will be, $2,838

An employee must move a minimum of 40 kilometers in order to claim moving expense deduction this year.

Jane's moving expense deduction this year will be, $2,000

An employee must move a minimum of 50 kilometers in order to claim moving expense deduction this year.

Jane's moving expense deduction this year will be, $2,757

An employee must move a minimum of 40 kilometers in order to claim moving expense deduction this year.

Jane's moving expense deduction this year will be, $2,757

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students