Question
2. Maureen Singh, a resident of Canada, has the following sources of income and losses for tax purposes for 2021. Employment income $60,000 Business X
2. Maureen Singh, a resident of Canada, has the following sources of income and losses for tax purposes for 2021.
Employment income $60,000
Business X profit3,000
Business Y loss 7,000
Interest income 2,000
Taxable capital gain on sale of land 18,000
Allowable capital loss on sale of securities 20,000
Allowable business investment loss 5,000
REQUIRED (8 MARKS, 20 MINS): List & calculate Maureens net income for tax purposes for 2021 in accordance with Section 3 of the Income Tax Act.
_____________________________________________
2. Maureen Singh, a resident of Canada, has the following sources of income and losses for tax purposes for 2021.
Employment income $60,000
Business X profit3,000
Business Y loss 7,000
Interest income 2,000
Taxable capital gain on sale of land 18,000
Allowable capital loss on sale of securities 20,000
Allowable business investment loss 5,000
REQUIRED (8 MARKS, 20 MINS): List & calculate Maureens net income for tax purposes for 2021 in accordance with Section 3 of the Income Tax Act.
_____________________________________________
2. Maureen Singh, a resident of Canada, has the following sources of income and losses for tax purposes for 2021.
Employment income $60,000
Business X profit3,000
Business Y loss 7,000
Interest income 2,000
Taxable capital gain on sale of land 18,000
Allowable capital loss on sale of securities 20,000
Allowable business investment loss 5,000
REQUIRED (8 MARKS, 20 MINS): List & calculate Maureens net income for tax purposes for 2021 in accordance with Section 3 of the Income Tax Act.
_____________________________________________
2. Maureen Singh, a resident of Canada, has the following sources of income and losses for tax purposes for 2021.
Employment income $60,000
Business X profit3,000
Business Y loss 7,000
Interest income 2,000
Taxable capital gain on sale of land 18,000
Allowable capital loss on sale of securities 20,000
Allowable business investment loss 5,000
REQUIRED (8 MARKS, 20 MINS): List & calculate Maureens net income for tax purposes for 2021 in accordance with Section 3 of the Income Tax Act.
_____________________________________________
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Entrepreneurship
Authors: Andrew Zacharakis, William D Bygrave
5th Edition
1119563097, 9781119563099
