CANTAXT1 - ASSIGNMENT #1 (10\% of Final Grade) DUE DATE: See Announcement for date, at 11pm EDT in Blackboard Assignments JERRY AND MARY BELL ARE MARRIED AND LIVE WITH ALL OF THEIR CHILDREN. THEY HAVE ASKED YOU TO PREPARE THEIR INCOME TAX RETURNS 2020 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: \$16,000; 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 Sara as their child. 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 FURNITURE DISPOSAL: ORICINAL COST: $10,000; PROCEEDS: 20,000 . Hint: Capltal Caln? GROSS RENT - $90,000 MAINTENANCE EXPENSE - $10.000 (non-capltal. and STOCKS AND OTHER CAPITAL GAINS: (JERRY) (Line 12700) Schedule 3 8OLD 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 0OProfessional) REVENUE \$50,000; OFFICE SUPPLY EXPENSES \$5,000; BAD DEBT: $7,000 CPA PROFESSIONAL FEES- $500 COMPUTER SERVICES EXPENSE - $3,000 AUTO: TOTAL KMDRIVEN, thls year: 20,000, BUSMESS-30\% Total expenses: gas ($5,000); insurance ($1,200); Malntenance (4,000) auto cost (Uoo- 12,000, dalm maxhmum) PRIOR YEARS' UNUSED BUSINESS LOSSES 10,000 (2018) (Hint: Use Line 25200) CANTAX T1-ASSICNMENT 1, CONTINUED PACE 12 Jerry is retired and has no employment income. EMPLOYMENT INCOME - MARY (ABC COMD) GROSS-\$31,000 Deductions El-\$474 CPP $1,391 RPP-\$1,000 INCOMETAX-\$8,000 MARY CONTRIBUTED THE MAXIMUMALLOWED TO HER OWN RRBP for thls year MARY'S Last Year's EARNED INCOME = \$50,000; PENSION ADJJUSTMENT. (Last Year) =2,000. For this year, Mary meets all the requirements to claim the maximum Volunteer Fire Fighters Credit. CONTRIBUTIONS :(JERRY AND MARY) LIVE 34900 Charities: UNITED WAY: $3,500; Toronto General Hospital: $1,000 QUALIFIED FEDERAL POLITICAL PARTY DONATION-\$2,000 Soh 1 Page 2 QUALIFIED MEDICAL EXPENSES - \$5,000 (MARY) 8ch 1 LIne 33099 CHILD CARE EXPENBE (thls year) - $20,000 (NANNY) USE ANY NAME AND ADDRESS. T1 Dependents REQURED: (Reminder: Backup on a USB stick or in Cloud Storage) Using Cantax T1-Current, Calculate the Couples "MINMUM" INCOME TAX PA YABLE for Jerry and Mary 1. PRWTOUTS In PDF (Wht: Ro-do: Modloal, Charitable donations and Penston Split). - COMBWED TAXSUMMARY MARY (JERRY AND MARY-1pg) (This will beyourcoverpage-fullpage!) - BUSINESS INCOME AND EXPENSES (JERRY)-T2125, page 3 only. - RENTAL INCOME AND EXPENSES (MARY)-T776, page 2 and 3 only. -T1Return, Pages 5, 6, 7 only. (Mary and Jerry) CANTAXT1 - ASSIGNMENT #1 (10\% of Final Grade) DUE DATE: See Announcement for date, at 11pm EDT in Blackboard Assignments JERRY AND MARY BELL ARE MARRIED AND LIVE WITH ALL OF THEIR CHILDREN. THEY HAVE ASKED YOU TO PREPARE THEIR INCOME TAX RETURNS 2020 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: \$16,000; 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 Sara as their child. 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 FURNITURE DISPOSAL: ORICINAL COST: $10,000; PROCEEDS: 20,000 . Hint: Capltal Caln? GROSS RENT - $90,000 MAINTENANCE EXPENSE - $10.000 (non-capltal. and STOCKS AND OTHER CAPITAL GAINS: (JERRY) (Line 12700) Schedule 3 8OLD 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 0OProfessional) REVENUE \$50,000; OFFICE SUPPLY EXPENSES \$5,000; BAD DEBT: $7,000 CPA PROFESSIONAL FEES- $500 COMPUTER SERVICES EXPENSE - $3,000 AUTO: TOTAL KMDRIVEN, thls year: 20,000, BUSMESS-30\% Total expenses: gas ($5,000); insurance ($1,200); Malntenance (4,000) auto cost (Uoo- 12,000, dalm maxhmum) PRIOR YEARS' UNUSED BUSINESS LOSSES 10,000 (2018) (Hint: Use Line 25200) CANTAX T1-ASSICNMENT 1, CONTINUED PACE 12 Jerry is retired and has no employment income. EMPLOYMENT INCOME - MARY (ABC COMD) GROSS-\$31,000 Deductions El-\$474 CPP $1,391 RPP-\$1,000 INCOMETAX-\$8,000 MARY CONTRIBUTED THE MAXIMUMALLOWED TO HER OWN RRBP for thls year MARY'S Last Year's EARNED INCOME = \$50,000; PENSION ADJJUSTMENT. (Last Year) =2,000. For this year, Mary meets all the requirements to claim the maximum Volunteer Fire Fighters Credit. CONTRIBUTIONS :(JERRY AND MARY) LIVE 34900 Charities: UNITED WAY: $3,500; Toronto General Hospital: $1,000 QUALIFIED FEDERAL POLITICAL PARTY DONATION-\$2,000 Soh 1 Page 2 QUALIFIED MEDICAL EXPENSES - \$5,000 (MARY) 8ch 1 LIne 33099 CHILD CARE EXPENBE (thls year) - $20,000 (NANNY) USE ANY NAME AND ADDRESS. T1 Dependents REQURED: (Reminder: Backup on a USB stick or in Cloud Storage) Using Cantax T1-Current, Calculate the Couples "MINMUM" INCOME TAX PA YABLE for Jerry and Mary 1. PRWTOUTS In PDF (Wht: Ro-do: Modloal, Charitable donations and Penston Split). - COMBWED TAXSUMMARY MARY (JERRY AND MARY-1pg) (This will beyourcoverpage-fullpage!) - BUSINESS INCOME AND EXPENSES (JERRY)-T2125, page 3 only. - RENTAL INCOME AND EXPENSES (MARY)-T776, page 2 and 3 only. -T1Return, Pages 5, 6, 7 only. (Mary and Jerry)