tax Exam Advocis - Copy (3)

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Nov 24, 2024

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Terri has a total income of $70,000. She owns 1,000 shares of XYZ stock in her non-registered investment account, which she had purchased at $30 per share. XYZ is currently trading at $20 per share. Throughout the year, Terri has incurred significant medical expenses. She would like to lower her taxable income to $65,000 in order to reduce her marginal tax rate. Which of the following transactions would enable Terri to accomplish her goal? Question 3 options: a) Sell her 500 shares of XYZ stock b) Contribute $5,000 to her Registered Retirement Savings Plan (RRSP) c) Claim $5,000 of eligible medical expenses d) Donate $5,000 to a registered charity
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