Michelle was paid a retiring allowance of $72,000.00 when her employment was terminated in February 2021. Michelle started with the organization in June 1978 and joined the company pension plan in June 1980. She was fully vested when her employment was terminated. Calculate the portion of Michelle's retiring allowance that will be reported as non-eligible on her T4 information slip.
Michelle was paid a retiring allowance of $72,000.00 when her employment was terminated in February 2021. Michelle started with the organization in June 1978 and joined the company pension plan in June 1980. She was fully vested when her employment was terminated. Calculate the portion of Michelle's retiring allowance that will be reported as non-eligible on her T4 information slip.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Michelle was paid a retiring allowance of $72,000.00 when her employment was terminated in February 2021. Michelle started with the organization in June 1978 and joined the company pension plan in June 1980. She was fully vested when her employment was terminated.
Calculate the portion of Michelle's retiring allowance that will be reported as non-eligible on her T4 information slip.
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