CANTAX T1 - ASSIGNMENT JERRY AND MARY BELL ARE MARRIED AND LIVE WITH ALL OF THEIR CHILDREN. THEY HAVE ASKED YOU TO PREPARE THEIR INCOME TAX RETURNS 2022 ON CANTAX (NOT THEIR CHILDREN'S) JERRY: SIN # (ANY).; BIRTH: DECEMBER 15, 1949. (Insert your name) MARY: SIN # (ANY): BIRTH JANUARY 12, 1961. (Insert your name) NOTE: (USE ANY ADDRESS AND ANY OTHER PERSONAL INFORMATION REQUIRED!! THANKS) CHILDREN: Judy -BIRTH: MAY 11, 2013; NET INCOME: $0; DISABLED: HEARING LOSS; Randy... -BIRTH: OCTOBER 12, 1999; Taxable/Net INCOME: $15,000; FULL-TIME (8 MONTHS) COLLEGE STUDENT: TUITION: $20,000 PAID BY PARENTS. This year, the Parents (Jerry and Mary) paid Adaption Fees of $12,000 to legally adapt the daughter, Judy, as their child. JERRY AND MARY 'S INVESTMENT & PENSION INCOME TD BANK INTEREST $3,000 (Jerry) CANADA SAVING BONDS INTEREST $500 (Mary) SCOTIA BANK ELIGIBLE DIVIDEND RECEIVED IN CASH: $4,000 (Jerry) Schedule 4 Jerry has Private Pension Income from Sun Life this year: $30,000. Optimize the Pension Income Split with his spouse. Jerry also received CPP Benefits of $10,000 and the maximum OAS Benefit. (Amount, see Cantax T1), this year. RENTAL INCOME: (MARY) (Line 12600) (20% of Building is used for personal use) COMMERCIAL BUILDING CLASS 1, UCC (JAN 1, this year): $100,000 (net of 20% personal use) FURNITURE CLASS 8: UCC (JAN 1, this year): $10,000; New furniture purchased: COST $20,000; OLD FURNITUREDISPOSAL: ORIGINAL COST: $5,000; PROCEEDS: $20,000. Hint: Capital Gain?? GROSS RENT - $90,000 MAINTENANCE EXPENSE - $10,000 (non-capital, and deductible) MORTGAGE INTEREST - $20,000 PROPERTY TAX - $30,000 STOCKS AND OTHER CAPITAL GAINS: (JERRY) (Line 12700) Schedule 3 SOLD HIS LPP-Painting FOR $8,000 WHICH COST HIM $2,000 TO PURCHASE SOLD ABC SHARES - COST $40,000; PROCEEDS $60,000 PRIOR YEARS' UNUSED ALLOWABLE CAPITAL LOSSES $5,000 (2018) (Hint: use Line 25300) INVESTMENT INTEREST EXPENSE - $2,500. (Line 22100, Schedule 4) PROFESSIONAL CONSULTING BUSINESS (JERRY) (Use Line 137 00Professional) REVENUE $50,000; OFFICE SUPPLY EXPENSES $5,000; BAD DEBT: $7,000 CPA PROFESSIONAL FEES- $500 COMPUTER SERVICES EXPENSE - $3,000 AUTO: TOTAL KM DRIVEN, this year: 20,000, BUSINESS-30% Total expenses: gas ($5,000); Insurance ($1,200); Maintenance ($4,000) auto cost (Ucc-$12,000, claim maximum) PRIOR YEARS' UNUSED BUSINESS LOSSES $10,000 (2018) (Hint: Use Line 25200)