Question

Ronald Wilson retired in December after providing 36 years of service to his employer. In recognition of his years of service, Ronald's employer provides him with a retiring allowance of $ 125 comma 000$125,000. Ronald would like his employer to directly transfer the maximum eligible amount of his retiring allowance to his RRSP account. Ronald was employed by his employer for 14 years prior to 1996 and for 7 years prior to 1989. Ronald's employer has never sponsored an RPP or DPSP. What is the maximum contribution that can be made to Ronald's RRSP (without eroding his RRSP deduction room) for the retiring allowance? Question content area bottom Part 1 A.$ 31 comma 500 $ 31 comma 500$31,500 B.$ 38 comma 500 $ 38 comma 500$38,500 C.$ 125 comma 000 $ 125 comma 000$125,000 D.$ 24 comma 500 $ 24 comma 500$2

          Ronald Wilson retired in December after providing 36 years of service to his employer. In recognition of his years of service, Ronald's employer provides him with a retiring allowance of
$ 125 comma 000$125,000.
Ronald would like his employer to directly transfer the maximum eligible amount of his retiring allowance to his RRSP account. Ronald was employed by his employer for 14 years prior to 1996 and for 7 years prior to 1989. Ronald's employer has never sponsored an RPP or DPSP. What is the maximum contribution that can be made to Ronald's RRSP (without eroding his RRSP deduction room) for the retiring allowance?
Question content area bottom
Part 1
A.$ 31 comma 500
$ 31 comma 500$31,500
B.$ 38 comma 500
$ 38 comma 500$38,500
C.$ 125 comma 000
$ 125 comma 000$125,000
D.$ 24 comma 500
$ 24 comma 500$2

Added by Megan F.

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