- It Is Early 2022 And Kento Has Approached Benito Vargas A Tax Accountant For Help With His 2021 Tax Return And Plannin 1 (156.81 KiB) Viewed 13 times
It is early 2022 and Kento has approached Benito Vargas, a tax accountant, for help with his 2021 tax return and planning for 2022. Kento has provided you with the following information for 2020 and 2021: 2020 2021 $79,000 $80,000 Employment income Non-eligible dividend 2,000 3,000 6,000 5,000 Real property rental income (net) Capital gain 0 1,500 Interest income 250 250 Spousal support received 5,000 5,000 Child support received 8,000 8,000 Pension adjustment 3,900 4,100 Kento is a member of his employer sponsored registered pension plan (RPP). The pension adjustments included in the information above were reported on Kento's T4s in the relevant years. Details of Kento's pension plan contributions are as follows: 2,100 8,000 Contribution to RPP - September 1, 2020 Contribution to RRSP - June 30, 2021 Contribution to RPP - September 1, 2021 Contribution to RRSP - February 15, 2022 Contribution to RRSP - March 5, 2022 2,500 5,700 3,600 Information from Kento's 2020 Notice of Assessment: 1,400 Undeducted RRSP contributions carried forward Unused deduction room carried forward 5,000 Required: a) Determine Kento's maximum registered retirement savings plan (RRSP) deduction for 2021. b) Determine Kento's undeducted contributions carried for forward or deduction room carried forward to 2022. c) Discuss any of the items included above that were not used in developing your answers to a) and b).