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can you answer the question please Ms. Kate Woodcroft (SIN 527-000-061) was born in Vancouver on August 8, 1978. She has spent most of her

can you answer the question please

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Ms. Kate Woodcroft (SIN 527-000-061) was born in Vancouver on August 8, 1978. She has spent most of her working life a song writer but also has a part-time job as a business manager. Her family live at 926 Fairview Way, Bowen Island, BC postal code V6A 4G9, phone (604) 111-1919. She is not registered for CRA online mail and does not wish to have an electronic notice of assessment. She is a Canadian citizen and would like to provide her information to elections Canada. She informs you that she has not sold any foreign property during the year. Ms. Woodcroft's spouse, Mac (SIN 527-000-129), was born on June 6, 1973. He and Ms. Woodcroft have two children. Patti was born on June 6, 2014, and Bruce was born on July 7, 2022. Mac's income is $320,000 from singing engagements. Other information concerning Ms. Woodcroft and her family for 2022 is as follows: 1. Ms. Woodcroft earned $66,500 for work as the manager of Downton Abbey Clothing Co. Her T4 showed that her employer withheld $5,500 for income taxes $3,499.80 for CPP and $952.74 for EI. 2. Ms. Woodcroft builds a state-of-the-art home theatre in a new extension of her home. To finance it, she sells stock in her RRSP and withdraws the funds from her RRSP. Her T4RSP showed $29,000 in withdrawals from the Grantham Bank (Box 22) and total tax of $6,600 (Box 30) deducted from these payments. 3. Several of Ms. Woodcroft 's songs, have provided her with substantial royalty payments over the years, In 2022, her revenue was $108,000 in royalty payments. This was reported in box 17 on a T5 received from MusicCan. She also earned $30,000 from songs sold during the year. She does not collect GST on this income. On January 1, 2022, she began renting a small, quiet studio for $1,000 a month and purchased a Roland electric piano on January 15 th for $12,350 that was delivered there [note: assume that the piano does not qualify for the immediate expensing rules. On the 12125 asset details check "No" under questions asking if qualify as designated immediate expensing property]. The space is used solely for her composing and song writing business. She also incurs travel expenses of $2,600 to visit a pop start in Los Angeles to assist in writing a song, office supplies of $600, and a membership to the Song writing collective of $810. 4. At the beginning of 2017,Ms. Woodcroft had a net-capital loss carry forward of $22,000 from the sale of shares in 2016. She had not disposed of any capital asset prior to 2016. Below are the assets she disposed of in 2022. Athletic Co. Shares and National Oil Shares are both publicly 5. Ms. Woodcroft provides you with the following receipts for child related expenses. 6. Ms. Woodcroft and Mac decide to sell their home in Vancouver and move permanently to their home on Bowen Island. They purchased this home in 2003 for $318,600, and there have been no adjustments to the cost base. The home is sold for $606,000 in 2022. As the Bowen Island cabin has also increased in value, they are choosing to designate the Vancouver property for eight of the years owned. The address of the home they sold was 110134th Avenue, Vancouver BC, V7B 49. This home is owned 50/50 by her and Mac. (Form T2091 is used to record the disposal of the principal residence exemption) 7. Ms. Woodcroft made contributions to the Federal Liberal Party in the amount of $800 during 8. During the year, Ms. Woodcroft made her annual \$2,200 donation to YESS, a registered Canadian charity. 9. Ms. Woodcroft wishes to claim all her medical expenses on a calendar year basis. On December 2, 2022, Ms. Woodcroft paid dental expenses to Canada Wide Dental Clinics for the following Individuals: 10. Ms. Woodcroft made a $5,000 contribution to her TFSA during the year. Thanks to the excellent investing advice of her gardener, the balance in her TFSA account has grown to more than $175,000 by the end of the year. 11. Ms. Woodcroft paid instalments of $5,000 each quarter for 2022, as requested on her Instalment Reminders from the CRA. She paid these instalments on March 15, June 15, Sept 15 and Dec 15 th. Required: With the objective of minimizing Ms. Woodcroft 's Tax Payable, prepare Ms. Woodcroft's 2022 income tax return using the ProFile tax software program assuming Mac will file his tax return on his own. Ms. Kate Woodcroft (SIN 527-000-061) was born in Vancouver on August 8, 1978. She has spent most of her working life a song writer but also has a part-time job as a business manager. Her family live at 926 Fairview Way, Bowen Island, BC postal code V6A 4G9, phone (604) 111-1919. She is not registered for CRA online mail and does not wish to have an electronic notice of assessment. She is a Canadian citizen and would like to provide her information to elections Canada. She informs you that she has not sold any foreign property during the year. Ms. Woodcroft's spouse, Mac (SIN 527-000-129), was born on June 6, 1973. He and Ms. Woodcroft have two children. Patti was born on June 6, 2014, and Bruce was born on July 7, 2022. Mac's income is $320,000 from singing engagements. Other information concerning Ms. Woodcroft and her family for 2022 is as follows: 1. Ms. Woodcroft earned $66,500 for work as the manager of Downton Abbey Clothing Co. Her T4 showed that her employer withheld $5,500 for income taxes $3,499.80 for CPP and $952.74 for EI. 2. Ms. Woodcroft builds a state-of-the-art home theatre in a new extension of her home. To finance it, she sells stock in her RRSP and withdraws the funds from her RRSP. Her T4RSP showed $29,000 in withdrawals from the Grantham Bank (Box 22) and total tax of $6,600 (Box 30) deducted from these payments. 3. Several of Ms. Woodcroft 's songs, have provided her with substantial royalty payments over the years, In 2022, her revenue was $108,000 in royalty payments. This was reported in box 17 on a T5 received from MusicCan. She also earned $30,000 from songs sold during the year. She does not collect GST on this income. On January 1, 2022, she began renting a small, quiet studio for $1,000 a month and purchased a Roland electric piano on January 15 th for $12,350 that was delivered there [note: assume that the piano does not qualify for the immediate expensing rules. On the 12125 asset details check "No" under questions asking if qualify as designated immediate expensing property]. The space is used solely for her composing and song writing business. She also incurs travel expenses of $2,600 to visit a pop start in Los Angeles to assist in writing a song, office supplies of $600, and a membership to the Song writing collective of $810. 4. At the beginning of 2017,Ms. Woodcroft had a net-capital loss carry forward of $22,000 from the sale of shares in 2016. She had not disposed of any capital asset prior to 2016. Below are the assets she disposed of in 2022. Athletic Co. Shares and National Oil Shares are both publicly 5. Ms. Woodcroft provides you with the following receipts for child related expenses. 6. Ms. Woodcroft and Mac decide to sell their home in Vancouver and move permanently to their home on Bowen Island. They purchased this home in 2003 for $318,600, and there have been no adjustments to the cost base. The home is sold for $606,000 in 2022. As the Bowen Island cabin has also increased in value, they are choosing to designate the Vancouver property for eight of the years owned. The address of the home they sold was 110134th Avenue, Vancouver BC, V7B 49. This home is owned 50/50 by her and Mac. (Form T2091 is used to record the disposal of the principal residence exemption) 7. Ms. Woodcroft made contributions to the Federal Liberal Party in the amount of $800 during 8. During the year, Ms. Woodcroft made her annual \$2,200 donation to YESS, a registered Canadian charity. 9. Ms. Woodcroft wishes to claim all her medical expenses on a calendar year basis. On December 2, 2022, Ms. Woodcroft paid dental expenses to Canada Wide Dental Clinics for the following Individuals: 10. Ms. Woodcroft made a $5,000 contribution to her TFSA during the year. Thanks to the excellent investing advice of her gardener, the balance in her TFSA account has grown to more than $175,000 by the end of the year. 11. Ms. Woodcroft paid instalments of $5,000 each quarter for 2022, as requested on her Instalment Reminders from the CRA. She paid these instalments on March 15, June 15, Sept 15 and Dec 15 th. Required: With the objective of minimizing Ms. Woodcroft 's Tax Payable, prepare Ms. Woodcroft's 2022 income tax return using the ProFile tax software program assuming Mac will file his tax return on his own

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