Assignment #$1-$Chapter Review Problem $7-1.$Read the information below and follow the instructions.Taxpayer Information:Taxpayer#$1$ Name: SIN: DOB: Marital status: Address:Phone number:Email address:Keith Dox $805127115$August $13,1989$ Married$18$ Page Place, Your City, YP$,$ XOX OXO Note: use a postal code applicable to your province $($YP$)($XXX$)369-7851$Note: use an area code applicable toyour province $($YP$)$ kdox$12345$@rogers.ca Taxpayer #$2$Name:SIN: DOB:Katie Dox $805127123$March $3,1990$Keith Dox lives with his wife, Katie. Katie's net and taxable income is $$34,000.$ Her income consists ofone T$4$ and $$4,500$ in tips. She has already filed her own return.Keith and Katie sold their original home located at$216$ Bayfield Street, Your City, YP$,$ X$7$X $7$X$7,$ for $$400,000$ on March $31,2023,$ before moving into their new home a few blocks away at their current address. They had purchased the house on Bayfield Street together in $2018$; they lived exclusively at that address and had not owned any other residential property during the time they owned that home. Neither Keith nor Katie changed employment lastyear; they moved simply because they liked the new house. Keith has a Tangerine investment account which pays him interest. He never received an informationslip but was able to total up the $$20\mathrm{.}30$ interest he received last year from Tangerine. Keith receives income each year on a T$3$ slip from a trust that was set up by his father. Keith also has a Royal Banksavings account to which he contributes $25\%$ of the funds, and Katie contributes the remaining $75\%.$In $2018,$ Keith inherited a bank account in the US with a balance of US $$120,000$ from his uncle. At that time, the exchange rate was $1\mathrm{.}2535.$ He neither contributed nor withdrew any amounts from this account. According to the $2023$ bank statements, the account had a balance of US $$124,000$ on January $1$st and US $$125,240$ on December $31$st$.$ The bank statements also show that the only credits on thisaccount are for monthly interest payments. For $2023,$ the annual average exchange rate was $1\mathrm{.}3497.$ Keith is not a US Citizen. He does not need to file a US return. In late $2021,$ Keith bought $10$ shares of Metro Inc. Keith received four dividend payments in $2023,$ each payment being $$2\mathrm{.}75,$ for a total of $$11\mathrm{.}00.$ He did not receive a slip for this income, and Metro Inc. is a Canadian corporation that issues eligible dividends. Keith still has these shares and does not plan on selling them in the near future. He has a $$25$ receipt for management fees and a $$75$ receipt for investment counsel fees.Keith always donates $$300$ each summer to the TerryFox Foundation, which is a charitable organization registered with the Canada Revenue Agency. Keith wants to claim his donation each year versus savingfor a future year. This year, Keith made a $$200$ political contribution to the federal Liberal Party ofCanada, for which he has an official receipt.Keith's T$4$ and other information slips arereproduced below. Last year Keith received a taxrefund of $$1,000,$ including $$8\mathrm{.}50$ interest on the refund. He is hoping for a refund again this year.Keith is a Canadian citizen and he wants to answer"Yes" to the Elections Canada question. He hassigned up for My Account, and would like to register for online mail. rotected B when completed $/$ Prot$$ge B une fois remoliT$4(23)$ Protected Bwhen completed $/$Prot$$g$$ Bune fois rempliKeith lives within a Census Metropolitan Area in your province. $($YP$)$Employer$\text{'}$s name $-$ Nom de Temployeur Neat As A PinEmployor's account number $/$ Num$$ro de compte de l'employeurda Revenue $2023$ence du revenuT$4$Statement of Remuneration Paid $$tat de la r$$mun$$ration pay$$eSocialinsurancenumber Num$$ro d'as surance sociale$80512711548,200\mathrm{.}002,659,65$e$\text{'}$s second CPP contibutions $-$see over$48,200,00$i s El premiudo Tomploye AFAE$785\mathrm{.}56$u nAPA$554,001,108,0017$AEmployee's name and address $-$ Nom et adresse de l'employ$$ Last name $($in capital letters$)-$ Nom de tamille $($en letres moulbes$)$ Dox$18$ Page Place Your City, YP Other information $($see over$)$Autresrenseignements $($voir au verso$)$Box $22$:KeithAmount $-$ Montan$18$RPC$/$RROtroit $$ pens$-$ RPGRRO$48,200,00$Union dues Cotisations syndicaler$240\mathrm{.}00$Year Ann$$eBC: $6,566$; AB: $7,254$; SK: $7,762$; MB: $8,760$; ON: $7,039$; NB: $8,080$; NS: $8,906$; PE: $8,721$; NL: $8,363$; YT: $6,607$; NT: $6,549$; NU: $5,876$lada Revenue Year $+$ Apeng uoCanaduroveruAnn$$e$2023$ StatementofTrustIncomeAlocationsandDesignations T$3$tat des revenus de fiducie $($r$$partitions et attributions$)$Actual amount of eligible dividends Montant r$$el des dividendes d$$termines$\mathrm{.}96,00$ Montant r$$el des dividendes autres que desOther information $($see the back$)$ Autres$($isez le verso$)$Taxable amount of eligible dividendsDividend tax credit for ello ble dividends Montant imposable des dividendesCredit d i m o t pour dividendesSe ermne$132,4819\mathrm{.}90$Capital gains Gains en capital$182,00$Capital gains eligible for deduction Gains en capital admissibles pour dsouctionT$3(23)$Amount$/$MontantReopients name $($ast name first$)$ and address $-$ Nom, prenon el acresse du beneficairoTrusts name and address $-$ Nom et adresse de la fiducie Thomas Jefferson Dox TrustFor information, see the back. Pour oblenir des renseignements, lisezel verso.Dox, Keith$18$ Page Place Your City, YP XOX $0$X$0805127115$ccount numberC r e a t a m o o rAmount$/$MontantOther income Autres revenusTrust year endFin d'an$$o de al fiducio An$23$Monht$[12]$ Footnotes$-$ NotosEmployment incomi Revenus dempl$22$ployee's QPP contributions $-$ see ove Cotisaions de l'emplore au RRO$-$ au versoC anne cotatonr erplyeauFRd voir au versoRPP or DP$1503659573$ Gains assuAmount $-$ Monti $-24$Actual amount of eligible dividendsMontant n$$el des dividendes determinesA c t u a l a m o u n t o f d r i d e n d other titan elgible dividendsMontant r$$el des dividendes autres que des dividendos d$$teritin$$sOther information $($see the back$)$ Autres tenseignements$25$Taxable amount of eleble didends$26$ Chidend tax credit for elgoe dieldendsCredit dino$$t pour dividendes determinesD i n i d e n d t a x c r e d i t f o r d i v i d e r d i s $12$ather than elgible dividends Credit d'impes pour dividendesa u t r e s q u e d o s o r v i d e n d e s d e t e r m i n e sCanada Revenue Agence du revenu T$5$ Statement of Investment income Agency du C a n a d a $$ t a t d e s r e v e n u s d e p l a c e m e n t Dividends from Canadian corporations $-$ Dividendes de soci$$t$$s canadiennesFederal credit $-$ Cr$$de f$$deralYe a r Protected B$/$ Prot$$g$$ B $2023$ when completed $/$ une fois rempli Ann$$e$1813$interest from Canadian sourcesCapital gains dividends $750\mathrm{.}00$Intorots de source canadienneDividendes sur gains en capital $21$ Report Code $22$ Recipient identification number$23$ Recipient type $805127115$Code du feuilletNum$$ro d'dentification du b$$n$$ficiaireType de b$$neficiaire$1$Montant imposable des dividendes T a r a d a mp u r o f d v i d e n d s other than eligible dividendsMontent imposable des dividendes$$s autres que dies dividendes d$$lernin$($ l i s e z le d o s $)$ B o x $/$ C a s e A m o u n t $/$ M o n t a n tB o x $/$ C a s e Recipient's name $($last name first$)$ and address $-$ Nom, pr$$nom et adresse du b$$neficiaireA m o u n t $/$ M o n t a n tB o x $/$ C a s eA m o u n t $/$ M o n t a n t Payer's name and address $-$ Nom et adresse du payeurDox, Keith &Katie $18$ Page PlaceYour City, YP$,$ XOX $0$X$0$Transt $-$ Succursale DenseecangneSee the privacy notice on your return.$/$ Consultez lavis de confidentialte dans vote declaration$\mathrm{.}151232.$RBC Royal Bank $29$NuminodacompreduDenancarelisez le dos. Instructions:$1.$ Manually complete Keith's tax returnincluding all required schedules and forms, using the fillable forms package$\mathrm{.}2.$ As part of this assignment, also complete Step $5$ Part A for Katie's tax return $($for hertaxable income of $$34,000)\mathrm{.}3.$ Save these forms on your computer$\mathrm{.}4.$ Log in to uLearn to answer the questions in your transcript. The assignment asksquestions about the completed return, and there is a mix of multiple choice and numericfill$-$in$-$the$-$blank questions $($i$.$e$.$ asking forvalues from specific lines of the taxreturn$).$ You will have limited time tocomplete the assignment once you open it$,$ so it is important to complete the steps abovebefore you start. uLearn Fill in the blank instructions.When entering the numbers, the dollarsymbol $($$$)$ is never to be used. Al entries mustbe entered as numbers with the correct use ofcommas $(,)$ and decimal point, and need to be entered to exactly two decimal places.Al answers must be properly rounded to two decimal places to be marked correct. $($i$.$e$.$even fi an answer is off by only a penny, it is wrong.$)$ See the learning guide for moredetail. Please ask if there is some missing details needed.