Melanie, a homeowner, has mortgage interest of $3000, RRSP contributions of $1500, and charitable contributions of $500. According to her filing status, a basic personal deduction of $5000 is allowed. How much should Melanie deduct on her tax return?
A) $1500 plus a tax credit on the charitable contribution and the basic personal deduction
B) $5500 plus a tax credit on the RRSP contribution
C) Total deductions of $7000
D) $8000 plus a tax credit on both the RRSP and the charitable contributions
Correct Answer:
Verified
Q73: Meg makes RRSP contributions resulting in a
Q80: Which of the following is not an
Q88: Legal methods of reducing your taxes include
Q107: Rohan is a student in Ontario and
Q108: Taxable benefits from employment include the following
Q109: Expenses incurred for children's daycare can be
A)used
Q111: Which taxpayer among the following can deduct
Q114: Your earnings this year will be $52
Q115: Ralph has a gross income of $53
Q116: Sally's adjusted gross income is $38 000
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents