1 You have T4 income from ABC Company as follows for 2022 Gross $120,000 CPP deducted $3500, El deducted $953 Union dues $1020 RPP deductions $5,000 Taxes deducted $27,000 Received a T5 for $3,500 for interest earned from BC and also received $2,300 interest from a loan that was made to your brother Borrowed an investment loan from CIBC Interest paid on the investment loan uring the year was $2,400 Wou received a T5 showing that you received eligible dividends of $400 from a public company during the year During the year, you disposed of the following properties Land situated in London, Ontario, was purchased in 1990 for $50,000 and was sold in the current year for $270,000 A commission was 5 of the selling price Shares in a CCPC were also sold These shares were purchased in 2016 for $12,000 and sold in the current year for $17,400 Commissions were $370 Shares in a public company were also sold during the current year for $8,000 These shares were purchased in 2020 for $10,000 Commissions were $300 During the current year, personal use property was sold for $1300 This property was initially purchased in 2020 for $700 Made a donation of $3,570 to United Way You have contributed $15,000 on Dec 21 2022, receipt number RY234567 at Royal Bank towards your RRSP Contribution room for 2022 is $17,000 as per your Notice of Assessment from last year Your quarterly tax installments for 2022 totalled $14,670 During the year, your employer provided an automobile to you The benefits from the automobile were not included in the T4 Slip You are asked to determine the tax benefit and include then in Box 28 of a T4A slip The details of the automobile are below Cost of the automobile $30,000 Availability 10 months Total Km driven 10,000 Personal Km driven 6,000 View as Text Download Prepare the tax return for the current year

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Posted on Sep 17, 2024

1. You have T4 income from ABC Company as follows for 2022: Gross $120,000; CPP deducted - $3500, El deducted $953. Union dues - $1020.

1. You have T4 income from ABC Company as follows for 2022: Gross $120,000; CPP deducted - $3500, El deducted $953. Union dues - $1020. RPP deductions

- $5,000; Taxes deducted $27,000

Received a T5 for $3,500 for interest earned from BC and also received $2,300 interest from a loan that was made to your brother.
Borrowed an investment loan from CIBC. Interest paid on the investment loan uring the year was $2,400
Wou received a T5 showing that you received eligible dividends of $400 from a public company during the year.
During the year, you disposed of the following properties: Land situated in London, Ontario, was purchased in 1990 for $50,000 and was sold in the current year for $270,000. A commission was 5% of the selling price.
Shares in a CCPC were also sold. These shares were purchased in 2016 for $12,000 and sold in the current year for $17,400. Commissions were $370
Shares in a public company were also sold during the current year for $8,000. These shares were purchased in 2020 for $10,000. Commissions were $300
During the current year, personal use property was sold for $1300. This property was initially purchased in 2020 for $700.
Made a donation of $3,570 to United Way.
You have contributed $15,000 on Dec 21. 2022, receipt number RY234567 at Royal Bank towards your RRSP. Contribution room for 2022 is $17,000 as per
your Notice of Assessment from last year.

Your quarterly tax installments for 2022 totalled $14,670.
1. During the year, your employer provided an automobile to you. The benefits from the automobile were not included in the T4 Slip. You are asked to determine the tax benefit and include then in Box 28 of a T4A slip. The details of the automobile are below.
Cost of the automobile: $30,000 Availability - 10 months Total Km driven - 10,000 Personal Km driven - 6,000

View as Text Download

Prepare the tax return for the current year.