Calculate the taxable capital gain and allowable capital loss for tax purposes in the following scenarios:

1. In 2020, Mario sold 400 shares of XYZ Public Corporation of Canada for $6,500. He received the full proceeds at the time of the sale and paid a commission of $60. The adjusted cost base of the shares is $4,000.
2. An art collector bought a statue for $750,000 in 2019 and sold it earlier this year for $655,000.
3. Last year, Diane bought 1,087 Tesla shares for $40,750 total. Earlier this year, she purchased 700 more Tesla shares for $750 each. Today, Diane sold all of her shares for $896 per share.
4. Five months ago, Francisca purchased 50,000 shares of MineCo for $0.50 each. He sold his investment today for $32,000.

Question 4

Susan works 32 hours per week and is paid $15 per hour and works 50 weeks per year. Calculate the CPP, EI and Witholding Taxes that has to be paid by the Susan and her employer.

Question 5

In 2022, the company generated sales revenue of $520,000.

It had the following expenses:

Cost of sales/materials: $170,000

Small tools: 76,600

Salary: 63,500

Rent: 54,000

Advertising: 15,000

Meals & Entertainment: 24,200

Motor Vehicle: 15,200 (It is estimated that 20% of this was for personal use)

Telecommunications: 17,200 (It is estimates that 15% of his phone use is personal)

Utilities 10,100

Q. What is the Companys net income for tax purposes? What is the Companys taxes payable if it is a CCPC?

Question 6

In 2021 Ming Xo Inc. generated taxable revenue of $720,000 and incurred expenses of $560,000. What is the Companys GST remittance and PST remittance to the CRA for 2021?

In 2022 Ming Xo Inc. generated taxable revenue of $420,000 and incurred expenses of $490,000. What is the Companys GST remittance and PST remittance to the CRA for 2022?