Multiple Choice
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
Correct Answer:
Verified
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