Question
Case for RFC 122 Fall 2021 Personal Information: Susan is age 69 (retired) Robert is age 63 (disabled)/No Income Data -use 2019 tax rates, tax
| Case for RFC 122 Fall 2021 |
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| Personal Information: |
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| Susan is age 69 (retired) |
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| Robert is age 63 (disabled)/No Income |
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| Data -use 2019 tax rates, tax credit numbers: |
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| Employment Income | 52000 |
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| Eligible Cdn Cash Dividends | 3000 |
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| Foreign Dividends | 1000 |
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| Pension Income | 9002 |
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| Old Age Security | 7217 |
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| Taxable Capital Gain | 2500 |
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| Deductions or tax credits: |
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| RRSP Contributions | 1000 |
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| Moving Expenses | 1050 |
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| Net Capital Losses | 1000 |
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| Federal political Donations | 500 |
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| Provincial Political Donations | 400 |
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| Charitable Donations | 500 |
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| Employment Insurance | 860 | withheld from salary |
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| Canada Pension Plan | 2749 | withheld from salary |
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| 9 marks for the following calculations: |
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| Calculate Federal taxes payable and show all schedule or subsidiary calculations |
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| Show Total Income, Deductions, Net Income, deductions from Net Income, Basic Tax calculation (incl tax credits) | ||||
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| Some research will be required |
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| Can you recommend any other tax planning or income splitting options? 1 mark |
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby
5th edition
78025915, 978-1259115400, 1259115402, 978-0078025914
