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D Calculato Basic Federal Tax & Non refundable lox credits (15 marks: approx. 25 mins] Noah's computation of taxable income for 2019 is as follows:

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D Calculato Basic Federal Tax & Non refundable lox credits (15 marks: approx. 25 mins] Noah's computation of taxable income for 2019 is as follows: Income from employment Net income from rental properties Public company dividend income Dividend Gioss-up @ 38% Taxable capital gain RRSP contribution child care expenses Net income for tax purposes - Div B. Less: Net capital loss carry forward Taxable income 84.000 2,500 3,000 1140 4,200 (9,000) 13.500) 82,340 (4,200) $ 78,140 ADDITIONAL DETAILS: 1) Assume that Noah's taxable income was prepared correctly Tu) Noah 15 divorced & lives with his 5-year-old son (shah um) During the year Noah incurred the following expenses Canadian Cancer Society Donation (annual) 60 Sick Kids Hospital Donation 140 Tuition (PT university course-3months 1,000 Medical expenses for Noah (permitted expenses 4,000 iv) Information reported on T4 slip from employer. Canada Pension Plan 2,749 Employment Insurance 860 Tax withheld by employer 6,000 () Federal Dividend Tax Credit for Eligible Dividends 6/11 of Gross Up REQUIRED (SHOW ALL DETAILS & CALCUATIONS - round to nearest $1): Compute Noah's federal taxes payable net of non-refundable personal tax credits and Installments for 2019 me Calculate Net Income for Tax Purposes (NIFTP - Div B) & Taxable income (TI) Consider Loss Carry Forwards & Comment [15 marks, approx. 25 mins) Luke has come to you for tax advice for 2019, He has identified the following income for 2019. REQUIRED (SHOW ALL DETAILS & CALCULATIONS); PART 1 [12 marks] Luke would like you to calculate the effects of the amounts provided on his net income for tax purposes (NIFTP - Division B) and taxable income (TI) (after Division C deductions, if any) (Note: you do not need to calculate federal taxes or non-refundable tax credits) PART 2 [3 marks) Luke would also like you to comment on the net capital loss carry forward amount and explain when or how he might be able to utilize this carry forward amount. CALCULATE AMOUNT AVAILABLE TO CARRY FORWARD OR BACK AND DESCRIBE THE CARRY FOWARD & BACK RULES Employment Lottery winnings Stock option benefit Division C deduction for stock option Business income (loss) Capital gain Capital loss Inheritance from his grandmother Dividends - Actual amount received Dividends - Gross-up amount 60,000 7.000 10,000 (5,000) (25,000) 40,000 (55,000) 4,000 2,000 300 D Calculato Basic Federal Tax & Non refundable lox credits (15 marks: approx. 25 mins] Noah's computation of taxable income for 2019 is as follows: Income from employment Net income from rental properties Public company dividend income Dividend Gioss-up @ 38% Taxable capital gain RRSP contribution child care expenses Net income for tax purposes - Div B. Less: Net capital loss carry forward Taxable income 84.000 2,500 3,000 1140 4,200 (9,000) 13.500) 82,340 (4,200) $ 78,140 ADDITIONAL DETAILS: 1) Assume that Noah's taxable income was prepared correctly Tu) Noah 15 divorced & lives with his 5-year-old son (shah um) During the year Noah incurred the following expenses Canadian Cancer Society Donation (annual) 60 Sick Kids Hospital Donation 140 Tuition (PT university course-3months 1,000 Medical expenses for Noah (permitted expenses 4,000 iv) Information reported on T4 slip from employer. Canada Pension Plan 2,749 Employment Insurance 860 Tax withheld by employer 6,000 () Federal Dividend Tax Credit for Eligible Dividends 6/11 of Gross Up REQUIRED (SHOW ALL DETAILS & CALCUATIONS - round to nearest $1): Compute Noah's federal taxes payable net of non-refundable personal tax credits and Installments for 2019 me Calculate Net Income for Tax Purposes (NIFTP - Div B) & Taxable income (TI) Consider Loss Carry Forwards & Comment [15 marks, approx. 25 mins) Luke has come to you for tax advice for 2019, He has identified the following income for 2019. REQUIRED (SHOW ALL DETAILS & CALCULATIONS); PART 1 [12 marks] Luke would like you to calculate the effects of the amounts provided on his net income for tax purposes (NIFTP - Division B) and taxable income (TI) (after Division C deductions, if any) (Note: you do not need to calculate federal taxes or non-refundable tax credits) PART 2 [3 marks) Luke would also like you to comment on the net capital loss carry forward amount and explain when or how he might be able to utilize this carry forward amount. CALCULATE AMOUNT AVAILABLE TO CARRY FORWARD OR BACK AND DESCRIBE THE CARRY FOWARD & BACK RULES Employment Lottery winnings Stock option benefit Division C deduction for stock option Business income (loss) Capital gain Capital loss Inheritance from his grandmother Dividends - Actual amount received Dividends - Gross-up amount 60,000 7.000 10,000 (5,000) (25,000) 40,000 (55,000) 4,000 2,000 300

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