Question
Anita Book is a 39 year old employee with StoreyCorp. Her salary was $161,000 in 2022. During the year her employer gave her a diamond
Anita Book is a 39 year old employee with StoreyCorp. Her salary was $161,000 in 2022. During the year her employer gave her a diamond necklace as a 15 year anniversary award worth $9,500 and a crystal vase worth $1,200 as a gift for her wedding in June. StoreyCorp deducted the required income tax, EI and CPP amounts from her paycheques during the year. Anita owns a portfolio of stocks. She sold 2,000 shares of YYZ Inc., a publicly traded company, during 2022. These shares had an adjusted cost base of $47/share and she was able to sell them for $62/share during the year. Anita is also required by her employer to work from home, where she has space that she uses exclusively to carry out various employment duties and to meet customers on a regular and continuous basis. Her work space in the home represents 20% of the total floor space in her home. Her home expenses for the year consisted of insurance of $2,600, utilities of $3,000 and repairs of $4,700. Anita and her spouse purchased the home in 2022 for $1,250,000. Neither of them had owned a home previously. Anita's spouse is infirm and had net income for tax purposes of $7,500 in 2022. Anita's spouse was a full-time student at George Brown College. Her tuition was $16,430 in 2022. Anita's infirm 66 year-old aunt also lives with her and she had no income during the year. Anita had a $6,000 allowable capital loss carryover from 2019 that she has not been able to use in a prior taxation year. Required: A. Calculate the amount to report on each line in the table below, including Anita's 2022 Net Income for Tax Purposes and Taxable Income.
A. Calculate the amount to report on each line in the table below, including Anita's 2022 Net Income for Tax Purposes and Taxable Income.
Description | Amount |
Line 3a | Blank 1 |
Line 3b | Blank 2 |
Line 3c | Blank 3 |
Line 3d | Blank 4 |
Net Income for Tax Purposes | Blank 5 |
Division C Deductions | Blank 6 |
Taxable Income | Blank 7 |
B. Calculate the Federal Income Tax Liability for Anita:
Description: | Amount |
Federal Income Tax Liability | Blank 8 |
C. Calculate the following Federal Non-Refundable Tax Credits for Anita:
Description: | Amount |
Basic Personal Credit | Blank 9 |
Spousal Credit | Blank 10 |
Canada Employment Credit | Blank 11 |
Eligible Dependent Credit | Blank 12 |
Canada Caregiver Credit - Other Dependent | Blank 13 |
Canada Caregiver Credit - Additional Amount | Blank 14 |
First Time Home Buyers' Credit | Blank 15 |
Canada Pension Plan Credit | Blank 16 |
Employment Insurance Credit | Blank 17 |
Transfer of Unused Credits from Spouse or Common Law Partner | Blank 18 |
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