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When it comes to RRSP and TFSA, Kevins father, George has simply transferred the amounts...

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Finance

When it comes to RRSP and TFSA, Kevins father, George has simply transferred the amounts to both plans based on what his tax advisor recommends. George has always contributed the maximum to both his RRSP and TFSA on January 1st each year, but without quite understanding how either the RRSP or TFSA work. He has therefore asked Kevin to work out a few scenarios for him to help him better understand. (2.5 marks)

George: (currently 41 years old, birthday is June 23rd):

  • graduated in April 2000 and met Kevins mother at their graduation ceremony, they married a year later; and
  • started his own business upon graduation and always paid himself a salary of $300,000 each year for the last 22 years.

Scenario 1:

George wants to know how his tax advisor calculated his 2021 RRSP contribution. (.25 marks)

Calculate Georges 2021 RRSP contribution (.25 marks)

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