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Amlie Tremblay is a widow and lives with her 10-year-old child Mathis. She is coming to meet with you regarding her 2020 income tax return.
Amlie Tremblay is a widow and lives with her 10-year-old child Mathis. She is coming to meet with you regarding her 2020 income tax return. By the way, she would like you to complete step 7 of her 2020 income tax return. Here is the information you have collected: 1. Ms. Tremblay is 51 years old in 2020 and works for an accounting firm in the Ottawa region as an administrative assistant. 2. According to her calculations, she made a CPP overpayment of $ 64 in 2020. 3. She must also repay an employment insurance amount of $ 1,000 received in 2020 since her net income has exceeded the threshold of $ 67,750 (line 23500 of her T1 is equal to $ 1,000). 4. Line 42000 is equal to: $ 31,000. 5. The total tax withheld from his salary is equal to $ 17,000 ($ 10,000 federal and $ 7,000 provincial). She did not realize any other income. 6. Amlie is a resident of Ontario. 7. According to his calculations, line 47900 is equal to $ 0 and line 42800 is equal to $ 11,000. 8. Amlie lives in an apartment in downtown Ottawa on Slater Street. 9. Amlie would like to buy a house in 2021. Her RRSP account has a market value of $ 80,000 as of December 31, 2020. However, she does not plan to contribute to her RRSPs in 2021. The last contribution she makes it performed dates back to July 2020. 10. Amlie is not a self-employed worker. 11, Amlie did not incur any medical expenses in 2020. 12. Amlie is not entitled: - the Canada Workers Benefit - Refund of the investment tax credit - the Part XII.2 trust tax credit - Employment insurance overpayment - the GST / HST Rebate for Employees and Partners - the tax credit for eligible educator's school supplies - the refundable supplement for medical expenses 13. Her child Mathis is not eligible for the disability tax credit. A) Calculate the reimbursement or the balance due that Amlie must make or receive for the year 2020 (42 points). B) Advise Amlie on tax planning that he could carry out to buy his future house in 2021 (please give details of your answer, maximum 10 lines) (30 points).
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