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Dr. Julienne Hutchins has hired your professional services to file her income tax retum. Dr. Hutchins is a retired surgeon. Due to her failing eyesight, Julienne was required to retire from her occupation at a younger age than normal. Fortunately, Julienne has more than enough income to support herself as a result of years of receiving a very large salary as a surgeon and a family inheritance. Julienne has invested most of her past employment earnings into a large portfolio which paid the following amounts during 2020, the current year. (Click on the icon to view Part 1 of the additional information.) (Click on the icon to view Part 2 of the additional information.) Requirement 1. Compute Dr. Hutchins's net property income for 2020. Fill in the tabie beiow to compute the net property income. (Round amounts to the nearest cent. Enter deductions with parentheses or a minus sign ) Additional info (part 1) Item Dividends from public Canadian corporations (subject to high corporate tax $22,500 rates): Dividends from private Canadian corporations (subject to low corporate tax 33,750 rates): Interest income received from Canadian sources: 17,800 Dividends from foreign corporations (translated into Canadian dollars): 12,200 Note: Total foreign dividends earned was $13,700 less foreign tax withheld of $1,500. Julienne's portfolio of investments includes a five-year investment contract purchased three years ago on September 1. The investment contract has a maturity value of $160,000 and an annual interest rate of 3%. The total interest earned on the investment contract will be paid on maturity on September 1, 2022, two years from now. Julienne did not receive any interest (cash) from this investment contract in 2020 . Julienne's portfolio of investments is managed by a large Canadian brokerage firm called Top Shelf Investments Inc. ("Top Shelf") Top Shelf charges Julienne investment counsel fees of $5,400 during 2020. In 2019 , the previous year, Julienne received a large family inheritance, which she invested into a rental property. The property was purchased in 2019 , and Julienne has claimed the maximum amount of capital cost allowance (CCA) on the property in 2019. In 2020 , the opening UCC balance in CCA Class 1 for the rental building is $350,000 and Julienne would like to claim the maximum CCA deduction on the rental income in 2020 . The rental income and expense information for 2020 is as follows. To assist with filing her tax return, Julienne provides you with detailed records from her bank. The documents indicate that Julienne has borrowed the following amounts from her bank. - $180,000 mortgage on the rental property with principal repayments totalling $15,000 and interest payments of $6,600 for 2020 - $380,000 mortgage on Dr. Hutchins's personal home with principal information for 2020 is as follows. To assist with filing her tax return, Julienne provides you with detailed records from her bank. The documents indicate that Julienne has borrowed the following amounts from her bank. - $180,000 mortgage on the rental property with principal repayments totalling $15,000 and interest payments of $6,600 for 2020 - $380,000 mortgage on Dr. Hutchins's personal home with principal repayments totalling $20,000 and interest payments of $8,800 for 2020 - $170,000 loan used to purchase mutual funds with Top Shelf Investments Inc. Julienne paid interest of $5,000 on this loan during 2020. - $48,000 loan used to purchase Julienne's personal use vehicle. Julienne paid $2,390 of interest on this loan during 2020 . Dr. Julienne Hutchins has hired your professional services to file her income tax retum. Dr. Hutchins is a retired surgeon. Due to her failing eyesight, Julienne was required to retire from her occupation at a younger age than normal. Fortunately, Julienne has more than enough income to support herself as a result of years of receiving a very large salary as a surgeon and a family inheritance. Julienne has invested most of her past employment earnings into a large portfolio which paid the following amounts during 2020, the current year. (Click on the icon to view Part 1 of the additional information.) (Click on the icon to view Part 2 of the additional information.) Requirement 1. Compute Dr. Hutchins's net property income for 2020. Fill in the tabie beiow to compute the net property income. (Round amounts to the nearest cent. Enter deductions with parentheses or a minus sign ) Additional info (part 1) Item Dividends from public Canadian corporations (subject to high corporate tax $22,500 rates): Dividends from private Canadian corporations (subject to low corporate tax 33,750 rates): Interest income received from Canadian sources: 17,800 Dividends from foreign corporations (translated into Canadian dollars): 12,200 Note: Total foreign dividends earned was $13,700 less foreign tax withheld of $1,500. Julienne's portfolio of investments includes a five-year investment contract purchased three years ago on September 1. The investment contract has a maturity value of $160,000 and an annual interest rate of 3%. The total interest earned on the investment contract will be paid on maturity on September 1, 2022, two years from now. Julienne did not receive any interest (cash) from this investment contract in 2020 . Julienne's portfolio of investments is managed by a large Canadian brokerage firm called Top Shelf Investments Inc. ("Top Shelf") Top Shelf charges Julienne investment counsel fees of $5,400 during 2020. In 2019 , the previous year, Julienne received a large family inheritance, which she invested into a rental property. The property was purchased in 2019 , and Julienne has claimed the maximum amount of capital cost allowance (CCA) on the property in 2019. In 2020 , the opening UCC balance in CCA Class 1 for the rental building is $350,000 and Julienne would like to claim the maximum CCA deduction on the rental income in 2020 . The rental income and expense information for 2020 is as follows. To assist with filing her tax return, Julienne provides you with detailed records from her bank. The documents indicate that Julienne has borrowed the following amounts from her bank. - $180,000 mortgage on the rental property with principal repayments totalling $15,000 and interest payments of $6,600 for 2020 - $380,000 mortgage on Dr. Hutchins's personal home with principal information for 2020 is as follows. To assist with filing her tax return, Julienne provides you with detailed records from her bank. The documents indicate that Julienne has borrowed the following amounts from her bank. - $180,000 mortgage on the rental property with principal repayments totalling $15,000 and interest payments of $6,600 for 2020 - $380,000 mortgage on Dr. Hutchins's personal home with principal repayments totalling $20,000 and interest payments of $8,800 for 2020 - $170,000 loan used to purchase mutual funds with Top Shelf Investments Inc. Julienne paid interest of $5,000 on this loan during 2020. - $48,000 loan used to purchase Julienne's personal use vehicle. Julienne paid $2,390 of interest on this loan during 2020
