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Blake, a recent accounting program graduate, earned the following during the year: Gross income from employment $ 7,000 Provincial lottery winnings 2,500 Capital gain on
Blake, a recent accounting program graduate, earned the following during the year:
Gross income from employment $ 7,000
Provincial lottery winnings 2,500
Capital gain on ABC shares 1,200
Inheritance from grandmother 12,000
Interest income from inheritance 800
Blake has asked you to:
- Calculate his net income for tax purposes for the year. (3 Marks)
- Calculate his taxable income for the year. Assume that Blake has a non-capital loss carry forward from last year of $3,000. (3 Marks)
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