hat is the Tax-deductible contrib w permanent resident: am a new permanent resident ar cently moved to Canada in Augu arted working remotely for the C mpany in June 2021, when I still

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 37P
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What is the Tax-deductible contribution for this
new permanent resident:
"I am a new permanent resident and have
recently moved to Canada in August 2021. I
started working remotely for the Canadian
company in June 2021, when I still lived in India.
My salary is $119,000. I was also lucky enough
to be granted $20,000 in company RSUS, which
I received in September once I moved here. That
puts me in a higher tax bracket.
I'm looking for ways to reduce my tax payable in
my first year. I know that RRSP is a great way to
reduce my taxes, and my employer offers a
generous GRSP and RRSP matching benefit. l'd
like to take advantage of that!
If I were to contribute $20,000 into the RRSP,
with some of the contributions coming from
company matching, how much would that
contribution reduce my overall Income?
Please provide details to support your answer:
Transcribed Image Text:What is the Tax-deductible contribution for this new permanent resident: "I am a new permanent resident and have recently moved to Canada in August 2021. I started working remotely for the Canadian company in June 2021, when I still lived in India. My salary is $119,000. I was also lucky enough to be granted $20,000 in company RSUS, which I received in September once I moved here. That puts me in a higher tax bracket. I'm looking for ways to reduce my tax payable in my first year. I know that RRSP is a great way to reduce my taxes, and my employer offers a generous GRSP and RRSP matching benefit. l'd like to take advantage of that! If I were to contribute $20,000 into the RRSP, with some of the contributions coming from company matching, how much would that contribution reduce my overall Income? Please provide details to support your answer:
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