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introduction to federal income taxation

Questions and Answers of Introduction To Federal Income Taxation

In 2016, Developit Limited incurred $100,000 of qualified scientific research and experimental development expenditures eligible for the 15% investment tax credit. The corporation’s federal income
Malenkov Mfg. Ltd. granted Ms. Yampolsky, its vice-president, an option to purchase 10,000 shares for $5 per share. On March 10, 2016, she acquired the 10,000 shares under the option. The following
Ms. Kishke joined May Kostcha Ltd. on February 1, 2016 as chief corporate tax officer. On that date she received an interest-free loan of $100,000 to assist her in the financing of a new home, since
Larry Laplante had net capital losses of $15,000 in the taxation year ending December 31, 1999. He had capital gains of $7,000 in 2016. He has had no other capital gains or losses.REQUIREDDetermine
Larry Hewitt provides you with the following income (losses) for tax purposes for the years 2014 to 2016:Larry also provides the following additional information: (1) Loss carryovers:(2) Larry did
George, age 50, has the following dependants, each of whom has Division B income as indicated for 2016:REQUIREDDetermine the personal tax credits available under section 118 for each of George’s
Mr. Moyer has income under Division B of $25,000 and $30,000 for 2015 and 2016, respectively. His wife and children have no income in these years. He incurs the following receipted medical expenses
Mr. Jones’ father is a dependant. His father’s Division B income is only $8,500 for 2016. During the year, Mr. Jones paid medical expenses of $1,000 on behalf of his father and $2,500 for
Debbie, who is not dependent upon any person, was enrolled as a full-time student at the University of Toronto for eight months during 2016. Debbie provides you with the following information for
Joanne, a widow, received the Old Age Security benefit of $6,850 in 2016. Her Division B income, excluding the deduction for the Part 1.2 tax, is $75,000.REQUIREDOutline all of the tax implications
Mrs. Ahmed, age 75, received the following income in 2016:Mrs. Ahmed has been confined to a wheelchair for several years but is quite active and is registered as a full-time student at a
The following 2016 correct computation of taxable income for John Q. Citizen has been prepared for your analysis:Additional Information(1) John, age 67, and his wife Jill, age 64, are both resident
Joshua’s computation of taxable income for 2016 is as follows:NOTES:(a) Assume Joshua was resident in Canada on December 31, 2016.(b) Assume that Joshua’s taxable income was prepared
Woody Carver is divorced and has custody of his two children, ages 8 and 13. Woody had net income of $40,000 for 2015.REQUIREDCompute the refundable goods and services tax credit, beginning in July
Bill is single and working as a mechanic in a bicycle shop earning $15,000 per year. His sister, Mary, is married and she and her husband make $22,000 per year.REQUIREDWill they qualify for the
Determine the federal tax payable in 2016 by Scoop, an unmarried taxpayer, with the following sources of income and deductions and a $400 federal political donation tax credit.Maximum Employment
Graham plans to purchase his first home and withdraw $18,000 from his RRSP this year (Year 1). He properly completed the application for the Home Buyers’ Plan (HBP) at the financial institution
Christine and her spouse, Eric, have been setting money aside each year for retirement. A number of years ago, they decided that once they had children Christine would continue to work and Eric would
Mr. Clark reported the following income for tax purposes in 2015:Included in the employment income computation was a deduction for a current contribution to a registered pension plan of $3,200. His
Evan and Mary are married. The cost of child care expenses for three eligible children (ages 4, 5, and 9) was $225 per week for 52 weeks.Mary was determined to be physically infirm by a qualified
In October of last year, Kenzo moved from his rented Vancouver townhouse to his new home in Halifax to commence a sales position with a life insurance company. After training and client development
Ms. Gamma sold a capital property for $200,000 on December 31, 2016. Of that price, $180,000 was not due until December 2017. The adjusted cost base of the property was $130,000 and the selling costs
Wally’s is a department store operating in the area. Its operations are carried on in a building which is owned by the company. The capital cost of the building to Wally’s in September 2012 was
Quick Growth Stores Ltd. has decided to change the present location of its retail store, now in a suburban area, to the Yonge Street strip in downtown Toronto. The following facts relate to the
Quick Growth Stores Ltd. has decided to change the present location of its retail store, now in a suburban area, to the Yonge Street strip in downtown Toronto. The following facts relate to the
Quick Growth Stores Ltd. has decided to change the present location of its retail store, now in a suburban area, to the Yonge Street strip in downtown Toronto. The following facts relate to the
Trudeau Limited owned a real property which it sold during the current taxation year for a total of $200,000. The land had a fair market value of $150,000 and an adjusted cost base of $100,000. The
Lanice J. Corporation disposed of its building in Victoria, B.C. The facts relating to the disposition were as follows:REQUIREDCompute the corporation’s taxable capital gain and recapture. Adjusted
A taxpayer purchased a yacht in 2008 at a cost of $24,000. In 2011, the taxpayer changed the use and rented the yacht for the next two years. The fair market value at the time the property became an
Mr. Coates made capital transactions which resulted in the following currency gains and losses during the following years:REQUIREDCompute the capital gains (losses) on foreign currency for each of
On May 1 of this year, Mr. Roberts borrowed from his employer, Stanley Inc., $35,000 evidenced by a 1% promissory note with principal repayable in five equal instalments on the anniversary date and
Capital Hill Ltd. has disposed of the following capital assets during 2016:1Ignore section 44 considerations.2Only asset in class.REQUIREDIndicate the adjustments to be made in the reconciliation of
Determine the income under Division B according to section 3, after filing any necessary amended returns for each of the years indicated above. (For the purposes of this type of problem, dealing with
On May 1, 2014, Joseph acquired 750 shares of his corporate employer on the open market. On May 1, 2015, he acquired another 750 shares on the open market. On May 1, 2016, he acquired an additional
Martha sold all the units of some mutual funds that she owned for proceeds of $40,000. She had bought them for $20,000. This amount bought 1,185.319 units in the fund. She has never taken any money
The following capital gains and losses have been computed using the $1,000 rule:REQUIREDCompute net taxable capital gains for taxations years 1 and 2 Capital Gain Other property Personal Use Property
Spouse A owns two residences:Both spouses have resided in both homes since 2004. In 2011, Spouse A transferred Residence 2 to Spouse B as a gift. Spouse B sold the transferred residence in 2016 for
Consider the following transactions in the shares of Dachshund Airways Ltd:REQUIREDCompute the taxable capital gains, if any, on the 2009 and the 2016 sales. Date April 2004 March 2006 Aug. 2009 June
Mr. Arnett purchased 1,000 shares of Sure-Fire Limited, a public corporation, at $50 per share in 2011. Mr. Arnett received the following dividends subsequent to that time:REQUIREDCompute the taxable
Mr. Sung bought 1,000 shares of Norwood Ltd. at $10 per share on October 1, 2015. On December 15, 2015, Mr. Sung sold 1,000 shares at $5. On January 3, 2016, he bought 1,000 shares at $6. On November
Ms. Tabuchi is considering selling all of her remaining shares of Open Mining Ltd., a public corporation. She is uncertain of the adjusted cost base of the shares. The following is the historical
Ms. Smart owned a capital property that had an adjusted cost base of $100,000. In 2014, she granted Mr. Li an option to buy the property from her by the end of 2016 at an option price of $160,000.
Jennifer S. Lee disposed of shares of corporation A with an adjusted cost base of $3 million for proceeds of disposition of $4.5 million. Jennifer immediately purchased replacement shares in
Andrew invested $5,000 in shares of Balance Corporation Ltd. The corporation is now bankrupt and the shares have a fair market value of nil.REQUIRED(1) If Andrew has not claimed a capital gains
The following information relates to the sale of three independent assets, sold by Dante Inc. in the year. The corporation has used the assets to earn business income in the past.REQUIREDWhat are the
Absolute Co. recorded total amortization of $5,000 in Year 1 (first year of operations), of which $1,000 is included as part of the cost of its ending inventory. In Year 2 the amounts were $10,250
The taxpayer was the president and general manager of a Canadian company involved in the fabrication of various products of non-ferrous metals, including lead. The company purchased all of its lead
The taxpayer, a professional pathologist, was appointed Director of the Clinical Chemistry Laboratory of a hospital for a period of five years. He reported to the hospital’s Director of
Kelly purchased a $1,000 face value bond on January 2, 2016, for $1,000. The bond was issued on the same date, January 2, 2016. Interest is payable at 4% compounded semi-annually on uncashed coupons
Kelly purchased a $1,000 face value bond on January 2, 2016, for $l,000.The bond was issued on the same date, January 2, 2016. Interest is payable at 4% compounded semi-annually on uncashed coupons
Kelsey Corporation purchased a $1,000 face value bond on January 15, 2016, for $1,000. The corporation has a December 31 year-end. The bond was issued on the same date, January 15, 2016. Interest is
The appellant, a farmer, entered into an agreement with the Department of Highways of Alberta under which she granted the Department the right to enter upon her land for the purpose of taking clay
Ian Plant faces a 12% provincial tax on income and a federal tax rate of 20.5% at the margin. On an investment of $5,000 in the shares of a Canadian-resident public corporation, he receives $362.50
• Mr. A is taxed in the top bracket (highest personal tax rate) and he owns a bond which is worth $50,000. Mr. A paid $50,000 for the bond. It earns $5,000 of interest income (one type of property
• Ms. A is taxed in the top bracket and she owns a bond worth $50,000. The original cost to Ms. A was $50,000. The bond produces $5,000 of interest income.• Junior is Ms. A’s son. He is 15
In 2014, Mr. Walkovia acquired a vacant lot in a downtown area of the city intending to build an office complex. By late 2016, he decided to abandon the project. The property was disposed of just
Irene owns six rental buildings with the following information pertaining to each:Late in 2016, buildings 1 and 2 were sold for proceeds of $40,000 and $91,000, respectively.Building 5 was built by
Ms. Chalupshka has operated an accounting practice with a December 31 year-end since 2012. She paid $16,000 for a client list when she started the practice in 2012. On August 27, 2016, she sold the
Wally’s is a department store operating in the area. In May 2014, a fire virtually destroyed the building. The only asset that was recovered was an F.A.D. computer, and it was substantially
Portable Tools Rental Limited incorporated and commenced business on April 1, 2011 and has a December 31 year-end. The company rents portable tools for short terms and the following are its
Nadia began her advertising business, Ads R Us Ltd. on March 1 of this year. The corporation’s year-end is December 31. In this year, the first year of business, the corporation purchased furniture
Ferguson, a professional landscaper, operates an unincorporated yard maintenance business. He has been in business for five years. At the end of the prior year, the UCC in Class 10, containing two
ABC Canada Limited is considering a new piece of equipment that costs $100,000. It is a Class 10 asset (30% CCA rate) and would be subject to the half-year rule. ABC’s corporate tax rate is 28% and
On July 1, 2013, Delta Company sold some inventory with a value of $100,000 and a cost of $40,000. A cash down payment of $10,000 was made and the balance was payable in four annual instalments of
The Greyduck Bus Lines Limited issues books of junior student tickets containing 20 transportation passes for $20 per book. The following information relates to books sold and tickets
Sam Brown builds houses in various parts of the city. At the end of his fiscal year he has four homes left in his inventory. Sam’s records show the following information on each house:From past
Automobile owned by employer1Includes insurance of $600, but excludes parking.REQUIREDCompute the standby charge and operating benefit for the use of the automobile. Original cost of automobile
Automobile leased by employer1Excludes parking.REQUIREDCompute the standby charge and operating benefit for the use of the automobile. Lease cost including $500 of insurance and HST Operating cost
Mr. Alex Otto acquired an automobile on July 1, 2016, to be used in connection with his duties of employment. Alex is required by contract to use his own car and to pay directly all the expenses.
Mr. Jonathan is required by his contract of employment to use his own car in the performance of his employment duties and to pay for all expenses. Mr. Jonathan leased a BMW from Expensive Cars
Ms. Elana is required by her contract of employment to use her own car in the performance of her employment duties and to pay for all expenses. Ms. Elana leased a Mercedes from Sky’s-The-Limit
Ms. Gina Tang, an employee of Treeline Ltd., which is a registrant for GST/ HST purposes, has supplied you with the following information concerning her employment income for 2015.Ms. Tang uses her
Niagara Corporation was incorporated in the State of New York on March 1, 1981. The head office of the corporation was established in Buffalo, New York, along with production and warehouse
Eighteen years ago, Mr. Harv DeHaan, a U.S. citizen, moved to Vancouver with his parents. He went to high school in Vancouver and upon completion of his program he was employed in construction work

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