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Canadian tax. Please fill in the blanks The following information relates to Perry Somer's financial affairs in 2020 : 1. Perry is employed as a
Canadian tax. Please fill in the blanks
The following information relates to Perry Somer's financial affairs in 2020 : 1. Perry is employed as a salesperson and is remunerated by commissions. He must pay all of his own expenses. During the year, he earned commissions of $37,000. His expenses were as follows: The personal-use portion of his automobile expense is 20%.The UCC of his automobile at the end of the previous year was $6.700. 2. He marle the fallowing ranital tranesortinne- 3. In 2019, Perry acquired the following two residential rental properties. Maximum capital cost allowance was claimed in 2019. In 2020, the city expropriated property Y for $82,700 (land $22,700, building $60,000 ). Perry was pleased because property Y was vacant for part of the year after a tenant vacated unexpectedly. In 2020 , net rental income from both properties (after all expenses but before capital cost allowance) was $1,000. 4. Perry's other income and expenses are as follows: 5. During the year. Perry made a contribution of 1,000 to a registered pension plan, which was matched by his employer. In addition, he contributed $2,600 to his RRSP. Required: Calculate Perry's minimum 2020 net income in accordance with the aggregating formula for determining net income for tax purposes. The following information relates to Perry Somer's financial affairs in 2020 : 1. Perry is employed as a salesperson and is remunerated by commissions. He must pay all of his own expenses. During the year, he earned commissions of $37,000. His expenses were as follows: The personal-use portion of his automobile expense is 20%.The UCC of his automobile at the end of the previous year was $6.700. 2. He marle the fallowing ranital tranesortinne- 3. In 2019, Perry acquired the following two residential rental properties. Maximum capital cost allowance was claimed in 2019. In 2020, the city expropriated property Y for $82,700 (land $22,700, building $60,000 ). Perry was pleased because property Y was vacant for part of the year after a tenant vacated unexpectedly. In 2020 , net rental income from both properties (after all expenses but before capital cost allowance) was $1,000. 4. Perry's other income and expenses are as follows: 5. During the year. Perry made a contribution of 1,000 to a registered pension plan, which was matched by his employer. In addition, he contributed $2,600 to his RRSP. Required: Calculate Perry's minimum 2020 net income in accordance with the aggregating formula for determining net income for tax purposesStep by Step Solution
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