Case #1 Individual Tax Return (5 marks)

Salary	Income Tax Deducted	Non-capital loss carryforward
$135,000	$26,500	$3,500

Mr. Sanchez is employed by a large public corporation and for 2022 his salary was $________. He was a member of the companys pension plan and his contributions were matched by his employer. He contributed $800.84 to the plan and the amount shown on his T4 slip along with an entry of $1,601.68 in box 52 representing his pension adjustment. Union dues were deducted of $1,000.

During 2022, his employer withheld the following amounts from his compensation:

EI Premiums $952.74

CPP Contributions $3499.80

Income Tax Deducted $_______

He also made RRSP contributions of $200 a month for the year and had enough contribution room. Last year he had non-capital losses of $________ that he could not use in 2021 and was carry forward to 2022.

Mr. Sanchez owns 1,000 preferred shares of Iron Works shares, a publicly-traded taxable Canadian corporation and received four dividend payments of $102 and sold his shares and received proceeds of disposition of $36 per share and his adjusted cost base for each share was $20. Mr. Sanchez also received interest payments totaling $365 based on his balance in his savings account at the same bank and had carrying charges of $95.

Mr. Sanchez is the sole provider for the family and Kia his wife works part time and had a Net Income of $5,800. They have two young children Lois and Arsenio aged seven and eleven and paid medical expenses of $2,650 in 2022. He also contributed to various charities in the amount of $90 and his wife contributed $80 to local charities.

Required:

Determine Mr. Sanchezs Total Income, Net Income, Taxable Income, and the Net Federal Tax owing or refund for 2022 not including Provincial Taxes.

Case #2 Canadian Tax System (5 marks)

Compare the Canadian income tax system with another nations tax system. Examine and describe current tax laws, concepts or calculations of a nation of your choice and discuss the similarities and differences with the Canadian income tax system like:

• Individual marginal tax rates and tax brackets
• Individual deductions and credits
• Corporate or business taxation

Your answer should be approximately 4 - 6 pages and contribute to future tax planning for international financial service clients.

Also, include any references or publications that were used and Turnitin will be used and will be reflected in the final mark!

Please submit as a word document separate from your solution to Case Assignment Question #1.