Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During 2020, Ms. Ashley Riley receives $1000 in non eligible dividends from taxable Canadian corporations. Her income is such that all additional amounts will be

During 2020, Ms. Ashley Riley receives $1000 in non eligible dividends from taxable Canadian corporations. Her income is such that all additional amounts will be taxed at a 29 percent federal rate and a 20 percent provincial rate. Her provincial dividend tax credit for non eligible dividends is equal to 32 percent of the gross up. What is the total federal and provincial tax that will be payable on these dividends (after considering the dividend tax credits)?

Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response.


Ms. Linda Smith acquires a residential property in July, 2020 at a total cost of $302000. Of this total, $53000 can be allocated to the value of the land. The building goes in class 1 at a 4% CCA rate. It is eligible for the accelerated investment incentive. Rents for the 2020 year total $6800, while rental expenses other than CCA total $4700. This is the only rental property owned by Ms. Smith. Determine the maximum CCA deduction that can be taken for 2020.

Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response.


Ms. Linda Smith acquires a residential property in July, 2020 at a total cost of $305000. Of this total, $55000 can be allocated to the value of the land. The building goes in class 1 at a 4% CCA rate. It is eligible for the accelerated investment incentive. Rents for the 2020 year total $82000, while rental expenses other than CCA total $12000. This is the only rental property owned by Ms. Smith. Determine the maximum CCA deduction that can be taken for 2020.

Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response.

Step by Step Solution

3.36 Rating (171 Votes )

There are 3 Steps involved in it

Step: 1

Question 1 Answer 480 Explanation Ms Ashley Riley will owe 480 in total federal and provincial tax o... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Financial Management

Authors: James Van Horne, John Wachowicz

13th Revised Edition

978-0273713630, 273713639

More Books

Students also viewed these Accounting questions

Question

29. What is the mean life span of an olfactory receptor?

Answered: 1 week ago