RRSP Marsha had the following income in 2020and 2021 Employment income Business income Interest Income Dividends Rental Income 2020 $140,000 20,000 Rental Income Total Earned Income 18% of earned income 20,000 2000 10,000 Calculate Marsha's maximum RRSP deduction for 2021 Earned Income Employment income Business income Maximum RRSP deduction for 2021 At the end of 2020, she had unused RRSP contribution room of $10,000. Her pension adjustment from 2020 was $5,000. She anticipates a pension adjustment of $7,000 in 2021. Required: Marsha's maximum RRSP contribution for 2021 before adjustments 2021 160,000 $ 5,000 8,000 7.000 6,000 0

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.