Ava has not yet filed her 2021 personal income tax returns (combined Federal and Quebec) and has asked you for help. For 2021, she provided you with the following: T4 tax slip from Hydro-Québec where she works as an engineer, reporting her 2021 gross annual salary of $105,000; T5 tax slip showing interest income received in 2021 of $1,500; On December 1, 2021, she sold 100 shares in Canadian Tire for $180/share (she had purchased 150 shares when they were at $110/share in 2019); Made a Tax-Free Savings Account (TFSA) contribution of $6,000 on January 1, 2021; Contributed the maximum to her Registered Retirement Savings Plan (RRSP) plan on May 15, 2021, when she received her company bonus (note that her 2020 earned income was $100,000; she maximizes her RRSP contribution each year and is not part of a company pension plan); Professional dues from the Order of Quebec Engineers that she can deduct in the amount of $945; and Has a capital loss of $60 from a previous year that she can deduct against her capital gain. a) It is June 28, 2022, calculate Ava’s 2021 Taxable Income.
Ava has not yet filed her 2021 personal income tax returns (combined Federal and Quebec) and has asked you for help. For 2021, she provided you with the following: T4 tax slip from Hydro-Québec where she works as an engineer, reporting her 2021 gross annual salary of $105,000; T5 tax slip showing interest income received in 2021 of $1,500; On December 1, 2021, she sold 100 shares in Canadian Tire for $180/share (she had purchased 150 shares when they were at $110/share in 2019); Made a Tax-Free Savings Account (TFSA) contribution of $6,000 on January 1, 2021; Contributed the maximum to her Registered Retirement Savings Plan (RRSP) plan on May 15, 2021, when she received her company bonus (note that her 2020 earned income was $100,000; she maximizes her RRSP contribution each year and is not part of a company pension plan); Professional dues from the Order of Quebec Engineers that she can deduct in the amount of $945; and Has a capital loss of $60 from a previous year that she can deduct against her capital gain. a) It is June 28, 2022, calculate Ava’s 2021 Taxable Income.
Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions
Section: Chapter Questions
Problem 2BCRQ
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Ava has not yet filed her 2021 personal income tax returns (combined Federal and Quebec) and has asked you for help. For 2021, she provided you with the following:
- T4 tax slip from Hydro-Québec where she works as an engineer, reporting her 2021 gross annual salary of $105,000;
- T5 tax slip showing interest income received in 2021 of $1,500;
- On December 1, 2021, she sold 100 shares in Canadian Tire for $180/share (she had purchased 150 shares when they were at $110/share in 2019);
- Made a Tax-Free Savings Account (TFSA) contribution of $6,000 on January 1, 2021;
- Contributed the maximum to her Registered Retirement Savings Plan (RRSP) plan on May 15, 2021, when she received her company bonus (note that her 2020 earned income was $100,000; she maximizes her RRSP contribution each year and is not part of a company pension plan);
- Professional dues from the Order of Quebec Engineers that she can deduct in the amount of $945; and
- Has a capital loss of $60 from a previous year that she can deduct against her
capital gain .
a) It is June 28, 2022, calculate Ava’s 2021 Taxable Income.
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ISBN:
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Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT