Question
Emily income of T4 in BOX 14:: 48200.00 and BOX 16 Employee cpp is 2747.40 and box18 EI i s : 761.56 , union dues
Emily income of T4 in BOX 14:: 48200.00 and BOX 16 Employee cpp is 2747.40 and box18 EI i s : 761.56 , union dues box 44 is 360.00 RPP box 20 is 554.00 and Pension adjustment box 52 is 1108.00
On T5 she has box 13: 105.00 and recipients name are Jarvis, jacod and Emily
on T3 she has Emily and Jarvis names only and box 49 has 96 , box 50 hads 132.48 and box 51 has 19.90 and box 21 has 182 value
can u calculate :
Emily has always been active in her local community, politics, and recently started investing. Emily completed her three-year program in 2021, and found employment full-time at ABC Corp. in the fall of 2021. She continues to work for ABC Corp. and was promoted to Assistant Manager in the summer of 2022.
Jacob did not continue his education after the onset of the pandemic in 2020. However, he was able to retain full-time employment at a local restaurant in 2022. He earned $17,000 in employment income (box 14 on his T4), $9,000 in tips, and some interest income from a joint bank account with Emily. Jacob has no other income, and has already filed his return, with net/taxable income of $26,052.50 reported. Jacob owes the CRA $1,200.00, which he has not yet paid.
In April of 2022, Emily and Jacob bought a home at 17 Park Place in Your City for $225,000. Up until then, they lived in a small apartment. The distance from their old apartment to the new house is 25 km. Emily and Jacob have never owned a home. They are excited about their new home, and have provided the following receipts as part of their purchase:
- $12,500 in legal and real estate fees;
- $5,000 in new furniture; and
- $2,000 in moving expenses.
They would like to write-off the above expenses, and would like to equally split any tax credit for the purchase of the home.
Emily has a bank account with Koho which pays her interest. She did not receive anything from Koho, but was able to total up $81.11 in interest received throughout 2022. Also, Emily received income on a T3 slip from a trust that was set up by her parents. At the onset of the pandemic in 2020, Emily and Jacob opened a joint bank account at Toronto Dominion. They agreed to deposit $100 each weekly, which they have continued since then. They received a T5 with interest income.
Just before Emily graduated in 2021, she inherited a bank account in the US with a balance of $120,000 USD from her grandmother. At that time, the exchange rate was 1.2535. She neither contributed, nor withdrew any amounts from this account, and wants to save this money for her future children. According to her 2022 bank statements, the account had a balance of $124,500 USD on January 1st, and $127,000 USD on December 31st. The bank statements also show that the only credits in this account are for monthly interest payments. For 2022, the annual average exchange rate was 1.3013. Emily is not a US Citizen, and is not required to file a US return.
In late 2021, Emily bought 10 shares of Metro Inc. Emily received four dividend payments in 2022, each payment being $2.75, for a total of $11.00 in the year. She did not receive a slip for this income, and Metro Inc. issues eligible dividends. Emily still has these shares and does not planning on selling them in the near future. She also has a $25 receipt for management fees.
Emily always donates $500 each Christmas to the local Soup Kitchen. She want to claim the donation each year, as she is certain she would misplace the receipt. She has the official receipt and would like to claim it on her return this year to avoid the inconvenience of keeping it for a future year. Emily also has an official $100 political contribution receipt to the federal Conservative Party, which she also wants to claim on her return.
Emily's T4 and other information slips are reproduced below. Last year Emily received a tax refund of $900 on July 7, 2022, which included $3.25 refund interest.
Emily is a Canadian citizen, lives outside of a CMA, and wants to answer Yes to the Elections Canada question. She has signed up for My Account, and would like to register for online mail.
calculate:
total income
tax deducted
refund
dividends
interest paid
foreign income
cpp
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