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Can anyone answer this Canadian tax-related question? I'd need the explanation/formula behind each numbers as well. In 20X1, Gary Kwok, who is single, earned the
Can anyone answer this Canadian tax-related question? I'd need the explanation/formula behind each numbers as well.
In 20X1, Gary Kwok, who is single, earned the following income and incurred the following losses: employment income, $16,000; business loss, $4,000; taxable capital gains, $7,000; property income (interest), $18,000; allowable capital loss from the sale of shares of public corporations, $9,000; allowable capital loss from the sale of shares of a Canadian controlled private corporation that qualifies as a small business corporation, $2,000. At the end of 20XO, Kwok had unused net capital losses of $16,000 and unused non-cap ital losses of $37,000. Kwok does not want to pay any federal tax in 20X1. For 20X1, Kwolk is entitled to a basic personal tax credit, the Canada employment credit, and a CPP/El credit of $920. Required: Assuming Kwok's wishes are met, what is the maximum amount of non-capital losses remaining for carry-forward after 20X1? In 20X1, Gary Kwok, who is single, earned the following income and incurred the following losses: employment income, $16,000; business loss, $4,000; taxable capital gains, $7,000; property income (interest), $18,000; allowable capital loss from the sale of shares of public corporations, $9,000; allowable capital loss from the sale of shares of a Canadian controlled private corporation that qualifies as a small business corporation, $2,000. At the end of 20XO, Kwok had unused net capital losses of $16,000 and unused non-cap ital losses of $37,000. Kwok does not want to pay any federal tax in 20X1. For 20X1, Kwolk is entitled to a basic personal tax credit, the Canada employment credit, and a CPP/El credit of $920. Required: Assuming Kwok's wishes are met, what is the maximum amount of non-capital losses remaining for carry-forward after 20X1Step by Step Solution
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