Due to financial difficulties you have sold a number of your holdings during the year 2017. The following information is given:

i) You purchased 1000 Royal Canadian shares in 2010 for $10.00 per share. On October 21, 2017 you shoul dall 1000 shares for $15.00 per share.

ii) An opportunity arose in 2014 for you to buy 600 shares in Gold Up shares for $105.00 per share. These shares were sold for $45.00 per share on June 2, 2017.

iii) Due to your difficulties you have sold land for $105,000. You purchased this property for $66,000.

REQUIRED:

A) What amount would you be required to report on your 2017 Income Tax Return. (provide all calculations)

B) You have a Net Capital Loss of $8000 from 2012, explain what you can do with this amount on your 2017

tax 221 2017 &2018 edition