1) Mr. and Mrs Smith are considered residents of Canada for tax purposes They have asked you )On what date must Mr. Smith's tax obligation for 2015 tax year be paid? b) On what date must Mr. Smith fille his tax return by? c) On what date must Mrs Smith's tax obligation for 2015 tax year be paid? d) On what date must Mrs. Smith file her tax return by? Additional information is as follow Mr. Smith's Source of income Mrs. Smith's Source of Income: Do the Taxpayer's have Children o (0 Employment, 1 Business) 0 (o Employment, 1- Business) 1(0 Noj 1 Yes) #2) Mr. lones has received a Notice of Reassessment from CIA in the mail disallowing multiple expenses clamed on his income and expense statement for his Sole Proprietorship Business. Mr. Jones disagrees with CRA'S reassessment and wishes to object to the adjustments made. What is the latest date that Mr. Jones can submit his objection based on the following information Tax Return Filed by Taxpayer March 28, 2016 2015 Originall Notice of Assessment Date: April 12, 2016 2015 Notice of Reassessment Date: July 1, 2017 #3) Based on the following, determine the tax impact to the employee receiving the following payments from their employer $100 $100 i) Hotel Accommodation Allowance Paid per Work Travel Day Actual Cost of Hotels for Employee While Travelling per Day $0.40 |First 5,000 KM) i) Vehicle Allowance per KM for work Purposes 4) Given the following details, determine the minimum Net Employment Income the Taxpayer eeds to report for the 2015 Tax Year: (show all calculation and explanations) Gross Salary Sales Commission Income Cash Performance Bonus $89,242 2,668 8,924 $100,834 Federal Income Tax Withheld at Source CPP Contributions Withheld at Source El Insurance Premiums withheld at Source Employee's RPP Contributions Employee's Contributions to Group Disability Plan Employee's Repayment to Employer for Work Vehicle Employee's Union Dues $25,209 2,480 931 5,042 262 656 1.39 35,919 $64,915 Net Paycheque for Year Taxpayer was provided with a work vehicle that was uned for both personal and work driving The details of the vehicle use are as follews Original Cost of Vehicle to Employer FMV of Vehicle at December 31, 201s NBV of Vehicle at December 31, 2015 22,230 $18,734 # of Months vehicle Avalable: #Of Personal KM in Year. #ot work KMinYear: FMV Fair Market Value if sold to 3rd Party NBV - Net Book Value per Accounting Records the year. The detals are as follows Taxpayer was hospitaled $4,201 Total Disability Benefits Rec'd in Year Cumulative Contributions to Plan $1,000 by Employer Cumulative Contributions to Plan by Employee: $1,662 Figure includes the amount deducted from 2015 paycheque ($262) ili) Taxpayer was required to pay annual professional dues of v) Employer contributed $3,000 towards employee's RPP v) A bonus of $7,000 was declared on December 20, 2015 by the employer and $611 The employer did not reimburse the employee for this will be paid to the employee on January 7, 2016 vi) Other out of pocket (not reimbursed by employer) expenses incurred by Taxpayer during year al Total Square Footage of Personal House 2,000 195 Total Square Footage of Home Office $4,500 Home Property Taxes: Home Mortgage Interest Home Utilities: Home Insurance Home Kitchen Renovation: 53,391 $1,029 $6,500 $1,228 $1,700 5962 $1,217 b) Advertising Costs Total Cost of Meals on Road: Costs to Lease Equipment used for Work Bought Computer for Work
