Exercise One - Subject: Taxable Entities For Income Tax Purposes Which of the following entities could be required to file an income tax return! Max Jordan (an individual) Jordan's Hardware Store (an unincorporated business) Jordan & Jordan (a partnership) The Jordan family trust (a trust) Jordan Enterprises Ltd. (a corporation) The Jordan Foundation (an unincorporated charity) Exercise One - 2 Subject: Taxable Entities For GST Purposes Which of the following entities could be required to file a GST return Max Jordan (an individual) Jordan's Hardware Store (an unincorporated business) Jordan & Jordan (a partnership) The Jordan family trust (a trust) Jordan Enterprises Ltd. (a corporation) . The Jordan Foundation (an unincorporated charity) Exercise One - 3 Subject: Federal And Provincial Taxes Payable John Forsyth has Taxable income of $ 27,000. For the current year, his federal tax rate is 15 percent, while the corresponding provincial rate is 7.5 percent. Determine Mr. Forsyth's combined federal and provincial tax payable, before consideration of any available credits against Tax Payable. Exercise One - 4 Subject: Regressive Taxes Margie Jones has Taxable income for the current year of $895,000, of which $172,000 is spent on goods and services that are subject to Harmonized Sales Tax (HST) at a rate of 13 percent. Her sister, Jane Jones, is a part-time student living in the same province and has Taxable income of $18,000. During the current year, as a result of using some of her savings, she spends $ 27,500 on goods and services that are all subject to HST. Determine the effective sales tax rate as a percentage of the income of the two sisters. Exercise One - 5 Subject: Non-Resident Liability for Tax Ms. Laurie Lacombe, a U.S. citizen, has Canadian employment income of $22,000. She lives in Blaine, Washington and is a resident of the United States for the entire year. Ms. Lacombe does not believe that she is subject to taxation in Canada. Is she correct? Explain your conclusion