Alan Banks is employed, single, 32, lives in Alberta, and has no dependents. His financial activities for 2020 is given below. 1.Alan is an architect and is employed by a large public corporation. In 2020, he received a gross salary of $72,000. His employer withheld the following amounts: (CPP $2,898 - includes enhanced CPP of $165.60, EI of $856.36, and Income Tax of $16,500). 2.Alan's employer also provided the following items of remuneration: a. A car allowance (deemed unreasonable) of $300 a month to cover costs of travel in the performance of his duties - (The car was never used for company purposes.) b. A contribution of $2,500 to a registered pension plan (RPP). c. A group term life insurance policy for $50,000 (premium cost, $300). d. A cash bonus of $3,000 that was awarded to him in 2019 and that he received in May of 2020. 3.Alan matched his employer's RPP contribution in 2020. 4.In 2019, Alan's employer granted Alan an option to purchase up to 2,000 of its shares for a price of $10 per share. At the time the option was granted, the shares were valued at $11 per share. During 2020, Alan purchased 1000 shares at a cost of $10 per share. At the date of purchase, the corporation's shares were trading at $12 per share. 5.Alan paid $500 in union dues in 2020, which was indicated on his T4. 6.Alan won $25,000 from a lottery in 2020. 7.Alan was granted a $5,000 bonus in 2020 to be paid to him on February 1st, 2021

INSTRUCTIONS 1. Using Profile software, demonstrate how to do a 2020 T1 tax return for Alan. 2. Begin with Alan's information, using his first name and your last name. 3. Use the appropriate forms to finish Alan's T1. 4. Open the T1 tab. Right click on line 10100, select 'Attach Tape', and enter the name and amount for each income item used to calculate your total. Click Tab to go to the next item. After completing the tape, if you are seeing a red '0' on line 10100, right click and select override. 5. Right click on line 26000, select 'Attach Memo', and enter the NAMES ONLY of any items from the case that you have omitted from your calculations. 6. When you have finished your T1, locate the 'T1 Summary' tab in the top right-hand corner of your screen (and if it is not showing, type T1 Summary next to the little filing cabinet and click on the line that appears). 7. Now click 'File', 'Save-As', and then click the box with 3 little dots: and select 'This PC', 'MGT3151A (Q:)', and then find the file with your name. Double click to open the file, click 'Save', and then 'Save' again on the main page.