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in 2020, William Barker. who is single. earned the following income and incurred the following losses: Employment income 95 15,000 {$5,500} Taxable capital gains $ 4,000 Allowable capital loss from the sale of shares of public corporations {$ 8,000} Allowable capital loss from the sale of shares of a CCPC that qualifies as ($ 5.000} a small business corporation At the end of 2019, William had: Property income (interest) $ 16,500 1. unused net capital losses of$19,000 and 2. unused non-capital losses of $40,000. William does not want to pay any federal tax in 2020. For 2020, William does not want to pay any federa: tax in is entited to 1. a deduction for CPP enhanced contributions of $38, 2. the basic personal tax credit $13,229, 3. the Canada employment credit $1,245 and 4. the CPP & El credit amount of $872. Required: 1. Calculate Wiiiiam's Net income for tax purposes which would result in no tax liability after deducting tax credits. 3(a) :l: :I: Subtotal SegmentA 3(b) :l: :I: Subtotal Segment B so :l 3(d) :l: :I: Subtotal Segment D Net income for tax purposes Taxable income :| Federal income tax Liability :| Deduct non-refundable tax credits: SubTotal Total Tax credits * 15% :| Federal tax payable :l 2. Calculate the maximum amount of non-capital losses and net capital losses remaining for carry-forward after 2020? Net capital loss loss carryfonivard beginning of year :| Plus Net -capilal losses unused this year :| Net - capital losses remaining at end of year Noncapital loss carryforward beginning of year :| Less Non-capital losses used this year :| Non- capital losses remaining at end of year