Based on the Natalie and Phillipe Bouchard

Today's date is November 15^th.

• personal and family situation

Elaine nd Martin Johnson have been married for 20 years. Elaine is 58 years old and Martin is 63 years old. Elaine works as an executive assistant earning a yearly salary of $52,000. Martin on the other hand, is a recently retired electrical engineer who used to earn an annual salary of $90,000.

they have one daughter Amanda who is married to Daniel. Amanda and Daniel have two children Luke and Zoe aged 6 and 4, respectively. Daniel have recently been offered a position overseas that woulddouble his current salary and their considering the move. Elaine and Martin enjoy spending time with their grandchildren and often take care of them on weekends.

• retirement objectives

Martin has already retired and receive a pension of $60,000 per year (net income for this year is $46,667) Elaine plans to work until she is 65 at which point she will start receiving a pension of approximately $20,000 per year along with CPP and OAS benefit. they both wish to travel extensively during their retirement.

personal assets

Elaine and Martin own a home together valued at $780,000. Elaine also inherited a small condo from her aunt which is currently valued at $580,000.

Martin has accumulated $350,000 in his RRSP, which is invested in a balanced portfolio of stock and bonds.Elaine has an RRSP worth$250,000 and a TFSA with a value of $40,000. they have named each other as beneficiaries on their respective registered accounts.

They also have a joint investment account, primarily invested in government bonds worth $280,000. Martins owns 300 shares of a booming tech company, which he bought for $15 per share. in February Martin donated all his tech shares to the world wildlife fund Canada at that time the share price $50.

• Estate planning

Unfortunately Martin and Elaine haven't prioritized their estate planning and as a result neither of them has a will in place. according to the intestacy laws in their jurisdiction and their situation the 1st $350,000 of an estate is allotted to the surviving spouse, with the reminder being divided equally between the survivingspouse and the children per stripes.

what is the maximum amount Martin will be able to claim for purposes of the federal charitable donation tax credit this year and what amount must he report as a part of his total income due to disposition of histech shares?

1. 35,000 charitable donation tax credit / $0.00 increase in total income.
2. $45,000 charitable donation tax credit /$5250 increase in total income.
3. 60,000 charitable donation tax credit / 10,500 increase in total income.
4. $90,000 central donation tax credit / $0.00 increase in total income.

Assume Elaine dies today based on their current situation and assuming all available preferential provisions under the Income Tax Act are used, what asset would give rise to a tax liability?

1. Elaine's death will not result in a tax liability this year.
2. elaine's ownership in family home and joint investment account.
3. elaine's TFSA.
4. elaine's condo.

Given the current personal financial situations of Elaine and Martin Johnson, they are considering setting up a will to include provisions of life and remainders interest in their estate planning. if they decide to grant Amanda a life interest in the family and nominate their grandchildren, Luke and Zoe, as remainderman, what would be the implications?

1. Amanda will share equal ownership of the family home with Luke and Zoe immediately, with all parties having equal right to use or sell the property.
2. Amanda will have the right to live in or use the family home for her lifetime without becoming the legal owner, and upon her passing luke and Zoe will inherit the property with the option to live in it or sell it.
3. Amanda will inherit the full ownership of the family home immediately and have the discretion to sell the property, while Luke and Zoe will only have rights to the proceeds of the sale upon Amanda's passing.
4. the family home will be sold immediately, and the proceeds will be divided equally among Amanda, Luke and Zoe, with Amanda having the option to use her share to purchase the home.

Assume Elaine dies today. by what date would elaine's representative have to file her income tax return for this year to avoid penalties?

1. April 30th of next year.
2. December 31st of this year.
3. May 15th of next year.
4. June 15th of next year.

Suppose Elaine passes away on today's date. based on their present circumstances which of elaine's assets would be subject to probate fees?

1. Elaine's passing will not incur any probate fees.
2. Elaine's RRSP and the joint investment account.
3. the condo that Elaine inherited.
4. the joint home ownership and Elaine's TFSA.