Question
Details of Investment Income In addition to the attached T5 information slips from Canadian Tire, Dupont and Hoser Inc., Myrtle provided you with the following
Details of Investment Income In addition to the attached T5 information slips from Canadian Tire, Dupont and Hoser Inc., Myrtle provided you with the following information that you may need to complete her return: 1. On July 31, 2018, Myrtle had transferred 200 shares of her holdings of Sears Canada Inc. to Coco and 200 shares to Crystal. Myrtle had owned 800 shares at the date of transfer, and the shares were acquired as follows: January, 2013 200 shares @ $20 per share June, 2014 150 shares @ $25 per share February, 2016 300 shares @ $30 per share March, 2018 150 shares @ $35 per share On August 4, 2020, Myrtle transferred another 200 shares to Crystal, at which time the fair market value was $42 per share. Sears Canada Inc. surprisingly paid out dividends in 2020. Myrtle, Crystal and Coco each received a T5 slip for the amounts received. 2. Recall that on June 1, 2017, Myrtle had purchased a five-year G.I.C in the amount of $5,000 at an interest rate of 5%. Myrtle does not remember receiving a T5 for any interest income for 2020 again. They must not have her updated address! 3. Coral received shares in Starbucks, a US Corporation (Bean Stock) as part of her employment as a barista. In 2020 she earned dividends on that stock and was sent a cheque for $127.50 USD. All she has is a weird looking foreign tax slip from the IRS, and she is not sure what to do with it, so Myrtle thought you would know what to do. 4. Myrtle paid the following amounts in 2019: Safety Deposit Box Rental $ 35.00 Interest on funds borrowed to purchase investments* 2,200.00 *Note: this interest amount does NOT include the interest paid to Hoser Inc.
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