Question
During 2019, Mr.Orlando had net employment income of $35,000, received spousal support payments of $8,000 as well as child support payments for his 10 year
During 2019, Mr.Orlando had net employment income of $35,000, received spousal support payments of $8,000 as well as child support payments for his 10 year old daughter of $12,000, received an inheritance of $50,000 and had a net rental loss of $2,000.His Earned Income for RRSP purpose for the year 2019 would be:
A.$33,000
B.$103,000
C.None of the above.
D.$43,000
E.$41,000
F.$35,000
G.$53,000
Saul owns two residential rental properties.Both properties are in separate CCA classes: Property A is in Class 1 with a maximum CCA rate of 4%, while Property B is in Class 3 with a CCA rate of 5%.At the beginning of the year, Property A has a UCC balance of $1,500,000 and Property B has a UCC balance of $500,000.Property A had net rental income before CCA of $40,000, while Property B had a net rental loss before CCA of $27,000.What is the maximum amount of CCA Saul would be allowed to deduct in calculating net rental income for the current year?
A.$13,000.
B.$60,000.
C.Nil - no CCA can be deducted on rental properties.
D.$27,000.
E.$85,000.
F.$43,000.
G.$40,000.
H.$25,000.
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