Question
Bassem Doha has the following sources of income and deductions: Net employment income 55,000 Property loss 10,000 Business loss 44,000 Capital Gain 21,000 and a
Bassem Doha has the following sources of income and deductions: Net employment income 55,000 Property loss 10,000 Business loss 44,000 Capital Gain 21,000 and a Capital Loss 23,000. Bassem also makes an RRSP contribution of $10,000 during the year. What is the amount of Bassems non-capital loss available to be carried forward or carried back to another taxation year?
$9,000 | ||
$2,000 | ||
$1,000 | ||
$Nil |
Barry Low has the following sources of income and deductions: Net employment income 55,000 Property loss 10,000 Business loss 44,000 Taxable Capital Gain 21,000 and an Allowable Capital Loss of 23,000. Barry also makes an RRSP contribution of $9,000 during the year. What is the amount of Barrys net-capital loss available to be carried forward or carried back to another taxation year?
$Nil | ||
$2,000 | ||
$8,000 | ||
$1,000 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started