Take Home Assignment Final

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Fanshawe College *

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3043

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Finance

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Jan 9, 2024

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xlsx

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First Name: Muhammad Last Name: Maaz 1. Save the file somewhere on your computer. Then, open the file. 2. Enter your first and last name in the yellow spaces above. FINA 3043 Take Home Assignment: 4 Problems: GENERAL INSTRUCTIONS: Due Nov 13, 2023 at 11:59pm--> hand in in submissions folder. This assignment is required to be comp Chapter 1: Ex 1-16, Ex 1-17, Ex 1-18, SS 1-12, SS 1-13, SS 1-14 Chapter 3: Ex 3-3, Ex 3-4, Ex 3-5, Ex 3-8, Ex 3-9, Ex 3-16, Ex 3-17, SS 3-4, SS 3-7, SS 3-8 Chapter 4: Ex 4-1, Ex 4-2, Ex 4-10, Ex 4-11, Ex 4-12, Ex 4-17, SS4-2, SS4-3 Chapter 5: Ex 5-4, Ex 5-5, Ex 5-6, Ex 5-7, SS 5-2, SS 5-6, and SS 5-7 Optional recommendations for viewing the problem instructions and response sheet at the same time 1. Print the instruction tabs to PDF or to paper. 2. Open a second copy of the excel workbook on a separate phone, laptop, or tablet, and re-enter your n 3. Do not put a space after your name . Just type the text in your name and then press enter. Try retypin name if the instruction sheet is not working (i.e. if there is an error "#name" on the instruction tab). 4. While the sheet protection component should work with all PCs and the majority of Mac computers, Mac computers with certain versions of excel, in fairly rare circumstances, have issues with the sheet pr If you are unable to type your name into the yellow boxes above due to the sheet protections, please your instructor for help troubleshooting. Address this issue as soon as possible so they can be dealt w timely manner. It is recommended to complete all required readings and homework for chapters 1, 3, 4, and 5 before c this assignment. Especially: See question instructions on each of the tabs labelled "Instructions". Enter your responses on the "Resp for each question. If some of the words in a row of an instruction sheet are cut off due to your version of excel, you can troubleshoot this by: 1. Zooming in or out. You can do this by holding down the control button on your keyboard and scrolling with your mouse, or going to top--> view--> zoom--> and changing the zoom %. 2. Alternatively, though you cannot edit cells on the instruction sheet, you can increase their width by go the far left border and dragging the row width to make it bigger. This will allow you to see anything tha off. 3. If you have office 2013 or later, you should be able to open two excel workbooks in different instances (window panes). You will need to re-enter your name on the second assignment excel workbook you open. Ensure your name is spelt correctly and the same on both.

pleted independently. e: name. ng your , certain rotection. e email with in a completing ponse" tab g in/out oing to at is cut

Problem Number 1 2 3 4 Total Marks achieved 0 0 0 0 0 Max Marks 15 20 16 24 75 % Grade 0% 0% 0% 0% 0%

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Problem 1: Chapter 1 Instructions: During the 2023 year, Ricky has net employment income of $61000 and interest income of Capital gains for the year total $39400, while capital losses are realized in the amount of $ He has deductible child care costs of $1200 and he is able to make a $5000 deductible RR contribution. He also has a business loss of $184300 Required: Calculate Ricky's 2023 Net Income for Tax Purposes (Division B income). Indicat amount and type of any loss carry overs that would be available at the end of the year. Res the "P1- Response" tab in the yellow boxes.

f $6000. 8530. RSP te the spond on

MARKS 0 Problem 1: Chapter 1: Net Income For Tax Purposes Income Under ITA 3(a) Employment Income 61000 Business Income (if loss see ITA 3(d)) 0 Property Income-interest, dividends,rental 6000 Other Income 0 67000 (cannot be Income Under ITA 3(b) Taxable capital gains 19700 Allowable capital losses (negative) -4265 15435 (cannot be Balance from ITA 3(a) and (b) 82435 Subdivision e deductions (total) (negative) -6200 Balance under ITA 3(c ) 76235 Deductions under ITA 3(d) Business Loss (negative) -184300 Rental loss (negative) 0 -184300 Net income for Tax Purposes (NITP - Div B Income) -108065 Non capital loss -184,300 Net capital loss 0 Fill the appropriate numbers in each of the yellow boxes in order to solve problem 1. Lo number. Enter zero if nothing applies to that line item. Grey boxes are formulized and do

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61000 39400 8530 184300

Rough Work (If Any- not required for this question) Taxable Capital Gains=39,400*50%=19,700 Allowable capital losses=8530*50%=4265 e negative) e negative) osses and deductions should be indicated with a negative o not need to be changed.

ENTER YOUR NAME ON THE "NAME ENTRY" TAB TO SEE THE ASSIGNMENT INSTRUCTIONS. Problem 2: Chapter 3 Instructions: 1. Johnathan is an accountant who works for Reading Railroad Ltd, which is a pub earns $80,000 in wages during the 2023 year. His employer withheld $3,754.45 of paycheques, $1,002.45 of EI, and $12,000 of income tax, so that he only received throughout the year. 2. Johnathan moved during the year for work. It was an eligible relocation. His em reimbursed the loss on the sale of his old residence. The amount of the loss reimb $71000. 3. Johnathan was provided a private health care plan for his family. The employer premiums for this plan. He also earned a cash bonus of $900 for being the hardes employee during the year. Additionally, he received a large painting as a Christma his employer, which has a value of $1050. 4. Johnathan went on a work trip to Florida to go to several conferences. His trip w employment purposes. He also brought his spouse and daughter along, and the tw enjoyed going to the beach in Florida for several days while Johnathan attended h Johnathan's employer paid for the plane tickets for all three of them, which cost $1 5. Johnathan wanted to improve his skillset and requested that his employer pay f several courses. His employer paid for him to take a bookkeeping/accounting cour Additionally, Johnathan is very interested in starting a side hustle as an Instragram Despite this course having nothing to do with his current position, his employer als for him to take an Instagram Influencer Marketing 101 course to reward him for all since Johnathan had a personal interest in it. The tuition cost $950. 6. Johnathan sometimes was not very fashionable, so his employer decided to imp wardrobe by providing him with several new suit jackets. The employer was hopin would wear these to work, but Johnathan could also use these jackets for persona well, since they were not distinctive uniforms specific to his place of work. The emp this would help him appear more professional to clients at work. The three suit jack at $800 total. 7. Johnathan was also provided with an employer-owned automobile. The vehicle him throughout the year. He drove the vehicle 30,000 kilometres this year, 4500 ki were for employment purposes. The vehicle was purchased in 2016 for $47000, p His employer also pays for all of the vehicle operating costs, which totalled $16,00 8. In 2017, Johnathan was granted stock options from his employer to buy 1200 o shares at a price of $31 per share. On the grant date, the shares were trading at $ November 2023, he exercises all of the options when the shares are trading at $10 still owns all of these shares at the end of 2023.

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still owns all of these shares at the end of 2023. 9. Reading Railroad Ltd. contributed $6900 to Johnathan's Defined Contributed Re Pension Plan (RPP) during the year. In accordance with his pension plan agreeme contributed $3450 to his own RPP during the year, as well. Required: Compute Johnathan's 2023 net employment income. Answer on the "P tab, in the yellow boxes. Show any additional work in the green space indicated on Response" tab.

blic company. He f CPP from his d $63,243.10 cash mployer bursement was paid $2000 of st working as present from was 100% for wo of them his conferences. 1200 each. for him to take rse for $1,500. m Influencer. so agreed to pay his hard work, prove his ng Johnathan al purposes as ployer thought kets were valued was available to ilometres of which plus $6110 HST. 00 this year. of his employer's $52 per share. In 02 per share. He

egistered ent, Johnathan P2- Response" n the "P2-

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Problem 2: Chapter 3 Show addi 1. Employment income 80,000.00 Eligible hou 2. Eligible housing loss reimbursement 28,000.00 Private hea 3. Private health care plan 0.00 Cash bonus 3. Cash bonus 900.00 Painting- C 3. Painting- Christmas present 550.00 Plane ticke 4. Plane tickets to Florida 0.00 Bookkeepin 5. Bookkeeping/ accounting course 0.00 Instagram 5. Instagram Influencer Marketing 101 course 950.00 New suit ja 6. New suit jackets 300.00 Automobile 7. Automobile- Standby charge 12,746.00 Automobile 7. Automobile- Operating cost benefit 8,415.00 Stock optio 8. Stock options- employment benefit 85,200.00 Registered 9. Registered pension plan- employer contributions 0 Registered 9. Registered pension plan- Johnathan's contributions -3450 Net employment income 213,611.00 formulized- do not typ 71000 2000 900 1050 1200 800 47000 6110 4500 1200 31 Fill in the appropriate employment income inclusions and deductions in the yellow boxes beside each relevant lin deductions should be entered as a negative number. Your additional work and notes (required for this question) s does not impact employment income because it is not taxable or deductible, enter 0 beside it in the yellow box.

52 102 6900 3450

MARKS 0 itional work & notes here (required for this question): using loss reimbursement={(71000-15000)*50%} alth care plan=NIL because Employer's contributions towards private health care plan are not taxable benefit s by virtue of employment is taxable benefit. Christmas present is a non cash gift. So any excess of $500 will be taxable. ets to Florida= NIL because Johnathan's whole trip is for employment purposes and there is no taxable benefi ng/ accounting course=NIL because educational assistance provided for the employers's benefit is exception Influencer Marketing 101 course cost is taxable benefit as it is reward for all his hardwork. ackets is a non cash reward. So any excess of $500 will be taxable. e- Standby charge=(1667*Total days available/30)/(1667*Total days available/30)*{2%*(Full original cost of a e- Operating cost benefit=No. of Personal Kms*.33. So it will equal to 8415. ons- employment benefit=1200*(102-31)=85200. d pension plan- employer contributions is exception to income inclusion. d pension plan- Johnathan's contributions is a allowed deduction. pe over ne item. Inclusions should be entered as a positive number; should be entered in the green space. If a particular line item

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ts. fit. to income inclusion. an automobile*Total days available/30)}. So it will equal to 12746.

ENTER YOUR NAME ON THE "NAME ENTRY" TAB TO SEE THE ASSIGNMENT INSTRUCTIONS. Problem 3: Chapter 3 Instructions: Andrea works for Short Line Limited as an engineer. She has 2023 taxable income of $120,000, which is 100% employment income. The maximum CPP and EI was withheld from her paycheque during the year, plus $11000 in federal income taxes. Her common law partner, Jamie, has a net income of $4000. Andrea is also a volunteer firefighter and volunteered for 600 hours for the local fire department in 2023. She also bought a house this year for $440,000. Neither her nor her common law partner had owned and lived in another home in the last 5 years. The couple have one child who is 8 years old. During 2023, Andrea spent $2100 on medical expenses for their child, plus $2,000 in medical expenses for herself and $500 for Jamie. Andrea donated $5000 to the Canadian Mental Health Association during the year. She also made political contributions of $1,200 to a registered federal political party in 2023. Required: Determine Andrea's federal tax payable or refundable for 2023. Answer on the "P3- Response" tab, in the yellow boxes. For any credit she is not eligible for, you may leave the yellow box blank.

Problem 3: Chapter 4 MARKS 0 Income Tax and Benefit Return (Skip Step 1-4. Taxable income has been provided to you in the problem). Fill in the appropriate numbers in each of the yellow boxes to solve problem 3. If you have any rough work, please include in the green space to the right (not requ For any credit Andrea is not eligible for, you may leave the yellow box blank for that credit. Step 5 -- Federal tax (formerly schedule 1) Basic personal amount (net income under $165,430) Claim $15,000 Age amount (if you were born in 1958 or earlier) (use federal worksheet) (maximum $8,396) Spouse or common-law partner amount (if negative, enter "0") $15,000 minus (_______ his or her net income from page 1 of your return) Amount for an eligible dependant (attach Schedule 5) (if negative, enter "0") $15,000 minus (__________ his or her net income) Canada caregiver amount for spouse or common-law partner, or eligible dependant age 18 or older (2,499) (maximum $2,499) _____ x $2,499 CPP or QPP contributions: through employment from box 16 and box 17 on all T4 slips (maximum $3,123) on self-employment and other earnings (attach Schedule 8) Employment Insurance permiums from box 18 and box 55 on all T4 slips (maximum $1,002) on self-employment and other eligible earnings (attach schedule 13) Volunteer firefighters' amount Search and rescue volunteers' amount Canada employment amount (if you reported employment income on line 10100 or line 10400) (maximum $1,368) Home Buyers' Amount (max $10,000 in 2022 and later years) Home Accessibility (maximum $20,000) Adoption expenses Pension income amount (use federal worksheet) (maximum $2,000) Disability amount (for self) (claim $9,428 or, if you were under age 18, use federal worksheet) Disablility amount transferred from a dependant (use federal worksheet) Interest paid on your student loans Your Tuition, education, and textbook amounts (attach Schedule 11) Tuition, education, and textbook amounts transferred from a child Amounts transferred from your spouse or common-law partner (attach Schedule 2) dependent children under 18 years of age 33099 2,500 Minus: $2,635 or 3% of line 23600, whichever is less (2,635) Subtotal (if negative, enter "0") - Allowable amount of medical expenses for other dependants (Complete the Worksheet for the return.) 33199 Add lines 27 and 28 - Add lines 1 to 29 Federal non-refundable tax credit rate Multiply line 30 by line 31 Donations and gifts (15% on first $200 and 29% thereafter)or (15% on first $200 and 33% thereafter) (Enter this amount on line 46) Total federal non-refundable tax credits: add lines 32 and 33. Part B - Federal Tax on Taxable Income 120,000 If line 35 is > If line 35 is > If line 35 is > Use the amount on line 35 to determine which If line 35 is $53,359 but < $106,717 but < $165,430 but < If line 35 is > one of the following columns you have to complete < $53,359 $106,717 $165,430 $235,675 $235,675 Enter the amount from line 35 120,000 Base amount - 53,359 106,717 165,430 235,675 Canada caregiver amount for other infirm dependants age 18 or older _____ X $8,396 Canada caregiver amount for children under 18 years of age Medical expenses for self, spouse or common-law partner, and your Enter your taxable income from line 26000 of your return

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Line 36 minus line 37 (cannot be negative) 13,283 Rate X 15% 20.5% 26% 29% 33% Multiply line 38 by line 39 3,453.58 Tax on base amount NIL 8,004 18,942 34,207 54,578 Add lines 40 and 41 22,396 Go to Part C Go to Part C Go to Part C Go to Part C Go to Part C Part C - Net Federal Tax Enter the amount from line 42 above 22,396 43 Federal tax on split income 40424 44 Add lines 43 and 44 40400 22,396 22,396 Enter the amount from line 34 from prior page (Non-refundable Tax Credit) 35000 2,548 46 Federal dividend tax credit (see line 40425 in the guide) 40425 47 40427 48 Add lines 46, 47, and 48 2,548 2,548 42900 19,848 Federal foreign tax credit (attach FormT2209) 40500 Federal logging tax credit 40600 19,848 Total federal political contributions (attach receipts) 1,200 40900 53 Federal political contribution tax credit (use federal worksheet) (max $650) 41000 625 54 Investment tax credit (attach Form T2038(IND)) 41200 55 Labour sponsored funds tax credit 41300 Net cost Allowable credit 41400 56 Add lines 54, 55, and 56 41600 625 625 Line 52 minus line 57 (if negative, enter "0") 41700 19,223 Canada workers benefit advance payments received (box 10 on the RC210 slip) 41500 Special taxes (see line 41800 in the guide.) 41800 42000 19,223 Enter this amount on line 42000 of your return. CPP Payable Federal Tax Withheld (negative) (11,000) Payable (Refund) 8,223 Minimum tax carryover ( attach Form T691) Basic federal tax: Line 45 minus line 49 (if negative, enter "0") Federal tax: Line 50 minus line 51 (if negative, enter"0") Net Federal Tax: add line 58, 59, 60

uired for this question). 30000 2,250 1 Medical Expense Tax Credit=15%(2500-2635)=-20.25 30100 2 Federal Political contribution tax credit=475+33.33% of 450=625 30300 1,650 3 Donation to Canadian Mental health association=30+1584=1614 30400 4 30425 5 30450 6 30500 7 30800 469 8 31000 9 31200 150 10 31217 11 31220 - 12 31240 13 31260 205 14 31270 1,500 15 31285 16 31300 17 31400 18 31600 19 31800 20 31900 21 32300 22 32400 23 32600 24 25 26 27 28 33200 - 29 33500 6,224 30 31 33800 933.60 32 34900 1,614.00 33 35000 2,548 34 35 36 37

38 39 40 41 42 45 49 50 51 52 57 58 59 60 61 11000 4000 2100 5000

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ENTER YOUR NAME ON THE "NAME ENTRY" TAB TO SEE THE ASSIGNMENT INSTRUCTIONS. Problem 4: Chapter 5 Instructions: Class Asset UCC @ January 1, 2023 Class 1 (4%) Building 285000 Class 8 Office furniture and equipment 70000 Class 8 (separate) Photocopier 20000 Class 10 Vehicles 120000 Class 10.1 Passenger vehicles over $36,000- None 0 Class 12 Tools (Under $500 each) 5500 Class 13 Leasehold improvements 52500 Class 14 Intangible assets with limited life- none 0 Class 50 Computer hardware 20000 Class 53 Manufacturing equipment 85000 The following additions were made this year: 2. Some new furniture was purchased at a cost of $14000. 3. On May 1, 2023, Chen Ltd. pays $140000 to enter a franchise agreement. The life of the franchise is 15 yea 4. On November 3, 2023, $171000 of class 53 manufacturing equipment was purchased. 5. On January 1, 2023, $42000 of leasehold improvements were made. 6. New computer hardware was purchased for $17000. The following disposals were made this year: 1. The photocopier in the separate class 8 was disposed of for $3000. It was originally purchased for $30,000 2. Some old furniture was sold for proceeds of $7000. It was originally purchased for $11000. 3. Some computer hardware was sold for $7000. It was originally purchased on sale for $2500. 4. Some tools (from class 12) were sold for proceeds of $9000. The original cost of these tools was $12,000. Other notes & information: 2. It is the policy of the Company to deduct maximum CCA in all years. The fiscal year of Chen Ltd., a Canadian public company, ends on December 31. On January 1, 2023, the UCC various classes of assets owned by the Company are as follows: 1. On September 15, 2023, a convertible is acquired at a cost of $65000 for use by the Vice President of the C passenger vehicle. 1. The Company leases a building for $15,000 per year that houses a portion of its manufacturing operations negotiated on January 1, 2018 and has an original term of 10 years. There is one renewal option on the lease years. The company made $84,000 of leasehold improvements immediately after signing the lease. No furth were made until the current year. Required: Calculate the maximum 2023 CCA that can be taken on each class of assets, the January 1, 2024 U class, and any other 2023 inclusions or deductions resulting from the information provided in the problem. R Response" tab. Final answers should be filled in the yellow boxes on the "answer summary" and the "effect o summary" in the "P4- Response" tab. You are required to show any additional work completed in the green s Response" tab in the excel document.

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ars. 0. C balances for the Company as a s. The lease was e, for a period of two her improvements UCC balance for each Respond on the "P4- on net income space on the "P4-

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MARKS 0 Problem 4: Chapter 5 Put all of your final answers in the answer summary (in yellow) and show all your work t Where the answer is zero/nil, do not write "Nil". Please write only 0 as a response where Answer summary- enter your final answers in here- in the yellow boxes: Class 1 8 CCA Taken (enter as positive number) 17,100.00 16,100.00 January 1, 2024 UCC 267,900.00 60,900.00 Effect on net income summary: (Write zero beside any option where there is no effect. Enter deductions as a negative and Total CCA taken -343,547.00 Formualized- ta Terminal loss -17,000.00 Recapture 3,500.00 Taxable capital gain 2,250.00 Allowable capital loss -2,000.00 Total Net income increase (decrease) -356,797.00 Formualized (su Show your work below (in the green- required for this question): CLASS 1(4%) CCA=285,000*1.5*4%=17,100 UCC at the end CLASS 8(20%) UCC at beginning=70,000 Add:Purchases=14,000 Deduct:Dispositions=7,000 Adjusted UCC=77,000 Adjustment:Add:50%(Purchases-Dispositions)=3,500 UCC before CCA=80,500 CCA for the year=16,100 UCC at the end=60,900 CLASS 8(Separate) (20%) Original Cost of the asset=30,000 UCC=20,000 Proceeds=3,000 LOCP=(3,000) Terminal Loss=17000 CCA=0 UCC at the end=0 CLASS 10(30%)

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UCC at beginning=120,000 Add:Purchases=0 Deduct:Dispositions=0 Adjusted UCC=120,000 Adjustment:Add:50%(Purchases-Dispositions)=0 UCC before CCA=120,000 CCA for the year=36,000 UCC at the end=84,000 CLASS 10.1(30%) UCC at beginning=0 Add:Purchases=36000 Deduct:Dispositions=0 Adjusted UCC=36,000 Adjustment:Add:50%(Purchases-Dispositions)=18,000 UCC before CCA=54,000 CCA for the year=16,200 UCC at the end=19,800 CLASS 12(100%) Proceeds=9000 UCC=5500 CCA=0 Capital Cost=12000 LOCP=(9000) UCC at the end UCC=5500 Recapture=(3500) CLASS 13 1/5 of the capital cost (1/5 *42,000)=8,400 Capital Cost/7(42,000/7)=6,000 So,6,000*1.5=9,000 CCA would be included. So, lesser of: 1/5 of the capital cost (1/5 *84,000)=16,800 Capital Cost/12(84,000/12)=7,000 So, 7,000 CCA would be included. Total CCA would be 16,000 UCC at beginning=52,500 Add:Purchases=42,000 Deduct:Dispositions=0 Adjusted UCC=94,500 Adjustment:Add:50%(Purchases-Dispositions)=21,000 UCC before CCA=115,500 CCA for the year=16000 UCC at the end=78,500 CLASS 14 CCA=140,000/15*1.5*(245/365)=9,397 UCC at the end=130,603 CLASS 50(55%) UCC at beginning=20,000 Add:Purchases=17,000 Deduct:Dispositions=7000 Adjusted UCC=30,000 Adjustment:Add:50%(Purchases-Dispositions)=5,000

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UCC before CCA=35,000 CCA for the year=19,250 UCC at the end=10,750 CLASS 53(50%) CCA=85000*50%=42,500 CCA on new asset=171,000*100%=171,000 as it is aquired after november 20, 2018. Total CCA=213,500 UCC at the end=42,500 Capital loss=4,000 Deduction of Capital Loss=4000*50%=2,000 Capital Gain=4,500 Taxable Capital Gain=4500*50%=2,250 285000 70000 20000 120000 5500 20000 85000 65000 14000 140000 171000 42000 17000 3000 7000 11000 7000 2500 9000

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to get to these answers in the green space below. re zero/nil applies. 8 Separate 10 10.1 12 13 14 50 53 0 36,000.00 16,200.00 0 16,000.00 9,397.00 19,250 213,500.00 0.00 84,000.00 19,800.00 0.00 78,500.00 130,603.00 10,750.00 42,500.00 d income inclusions as a positive) aken from chart above um of above) d=267,900

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