4. Jane Quinn owned an apple orchard for 20 years. During that time, she had cultivated a unique brand of apple that was popular with health food fans. Toward the end of the 2020 growing season, Jane became seriously ill and put the orchard up for sale. Janes neighbour agreed to purchase the entire orchard for $250,000. It upset Jane to have to sell at that time of year because the years crop was of high quality and in three weeks would have been ripe for picking. What types of property might have been included in the total purchase price of $250,000? For tax purposes, what types of income might have been generated from the sale of the orchard? Explain your answer

5. Mateo Lopez is not a resident of Canada. For the current year, Mateo has a worldwide income of $120,000, including $15,000 of employment income earned in Canada and $2,000 of interest received on Canada savings bonds. The remainder of his income was from sources outside of Canada. What amount of income must be reported on Mateos Canadian personal income tax return for the current year?

6. Distinguish between an allowance and a reimbursement. Give two examples of each.

7. Briefly explain why an RRSP is an attractive investment

these questions are based on the Canadian Income Tax