Question
1. Mr.Jones is a very generous taxpayer. He donated $125,000 in 2014 to the Sierra Club of Canada, a registered Canadian Charity, and $85,000 to
1. Mr.Jones is a very generous taxpayer. He donated $125,000 in 2014 to the Sierra Club of Canada, a registered Canadian Charity, and $85,000 to the same organization in 2015. His net income was $160,000 in both 2014 and 2015. Calculate the charitable tax credit, if any, that he can deduct from his taxes payable in 2015. (Hint: you need to calculate both years to find out the 2015 amount.)
2. Josh Shelley, a professional hockey player, was recently traded from the Toronto Maple Leafs to the Colorado Avalanche (in the U.S). Josh has lived in Toronto for the past 15 years, is married, and has 2 children aged 17 and 19. He has come to you for information. What are the tax considerations you should bring to Josh's attention as he gets ready to move to Colorado?
3. Alpha Corporation, is a retail business resident in Halifax and owned by Trudy Bloomberg, a Halifax resident. During 2015, the company generated $250,000 in taxable income all earned in Nova Scotia. Of this $10,000 was form investment income earned from savings held in the local bank. Calculate the Part I taxes payable for Alpha Corporation.
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