CASE STUDY ASSIGNMENT It is February 25" of 2022, Isabelle and Jaxon have come to you asking for tax consultation. They were married from 1997 till 2012 with two children Elie and Antoine. In 2012, they got divorced. Isabelle is now 46 years old and lives with her two children, Elie (19 years old), and Antoine (12 years old), in her new house located in Oakville, ON, which she has purchased on January 30, 2021. Before that, the family lived in a rented apartment in Mississauga, ON. Her ex-husband, Jaxon is now 49 years old. He moved to Toronto, Ontario on May 31, 2021. Jaxon spent ten years in France after their divorce and moved back to Canada to start his career in information technology field. Here is the information you have Exhibits I and Il below. EXHIBIT (I): ISABELLE FINANCIAL AND TAX INFORMATION 100 1. Isabelle is a media consultant. She had been employed for many by a Canadian Controlled Private Corporation (CCPC), Golden Inc., located in Ontario. Her salary and benefits for 2021 were $104,800. From this, Golden Inc. deducted CPP and El of that, Golden Inc. paid the $100 premium for Isab $60,000. income tax of $27,248. On top of group term life insurance coverage of 2. Isabelle also has the following income (losses) r2021: business loss of $5,000, eligible dividends of $25,000, non-eligible dividends of $20,500 and spousal support of $32,000. 3. Isabelle's employment income include a stock option benefit of $20,000. The exercise price was higher than the share value at the date that the option was granted. In 2021, she sold the shares and realized a taxable capital gain of $10,400. 4. During 2021, Isabelle contributed $19,900, which is within her deduction limit for 2021, to her RRSP. 5. Isabelle paid an a mount of $8,400 in tuition fees for her son Elie to attend a college degree program on a full- basis for 8 months during 2021. $2,800 was paid in November 2020 for the Winter 2021 term and $5,600 was paid in July, 2021 for the Fall 2021 term. Elie's income for 2021 was 6. During 2021, Elie paid $4,100 medical expenses for dental services provided in a dentist's office. These expenses were not covered by Isabelle's health insurance plan. 7. Isabelle made charitable donations of $22,000 during 2021. 8. At the end of 2020 (previous year), Isabelle had unused non-capital losses of $2,100, 9. The following other payments occurred during 2021: (a) paid contributions to a registered federal political party of $1,700, and (b) paid interest on late payment of 2020 income tax of $700.