IFIC Mutual Funds Licensing Practice Exam · Question
Kevin, 40, has $15,000 of available RRSP contribution room. He contributes $10,000 to an RRSP and designates his 33-year-old spouse, Lisa, as the annuitant for a newly established spousal RRSP. How much can Kevin deduct from his taxable income for this contribution?
Contributions to a spousal RRSP are made by the contributor (Kevin) using their own contribution room. Therefore, Kevin can deduct the full $10,000 contribution
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Question: Kevin, 40, has $15,000 of available RRSP contribution room. He contributes $10,000 to an RRSP and designates his 33-year-old spouse, Lisa, as the annuitant for a newly established spousal RRSP. How much can Kevin deduct from his taxable income for this contribution?
Answer options:
- $0
- $5,000 ✅ $10,000
- $15,000
Correct answer: $10,000
Explanation: Contributions to a spousal RRSP are made by the contributor (Kevin) using their own contribution room. Therefore, Kevin can deduct the full $10,000 contribution, as it is within his available contribution room.
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