FIN 235 - SECTION #3 HAND-IN NAME: NOTE: Be sure to show all your work when ontwering each question #1) You have recently set up a part-time bookkeeping and tax return business. A client of yours has stopped by and provided you with the following information for the 2019 Tax Year: T4.Employment Income Box 14 Box 16 = Box 18 = Box 20 - Box 52 = Box 22 - Box 44 = $77.503 Employment Income $2,749 Employee's CPP Contributions $860 Employee's El Contributions $3,100 Employee's RPP Contributions $6,200 Pension Adjustment $15,501 Income Tax Deducted from Source $1,550 Union Dues 15 - Investment Income Box 24 = Box 25 - Box 26 = $566 Actual Amount of Eligible Dividends $781 Taxable Amount of Eligible Dividends $117 Federal Dividend Tax Credit for Eligible Dividends Other Information RRSP Contributions: June 4, 2017 $1,157 December 22, 2017 $1,680 $2,837 (A) (A) Assume the taxpayer has the available RRSP Contribution Room and has not previously deducted any of these contributions in a prior tax return. For simplicity, you don't need to prepare Schedule 7. Support Payments: Child $1,286 Spousal $1,617 Total 2017 Year $2,903 (B) (B)Taxpayer ended their unhappy marriage to their first spouse years ago and signed a support contract confirming the above amounts paid to former spouse Gross Business Revenues $12,329 Net Business Income $4,315 (C) (C) Don't need to prepare a statement of Business Activities Donation to Registered Charity Donation to Federal Political Party $141 $247 Sold Shares on the TSX: Gross Proceeds Adjusted Cost Base Selling Expenses (Brokerage Fees) (D) Complete Schedule 3 $2,752 $2,248 $19 (D) Interest on Loan to Purchase Shares (No Regstered Interest on loan to Purchase RRSP $231 $11,219 (E) Tuition for College (Full Time Student for 8 Months) (E) No carryover of tuition credits from previous year Medical Expenses: Prescription Drugs $1,175 Botox injections $1,133 Dentist $1,146 Total $3,454 (F) (F) Assume this taxpayer will claim all medical expenses (not the spouse) Married to New Spouse (Age 30) w/Net & Taxable income of $12,920 Required: Using the above information, prepare the complete tax return (T1 Return) for the taxpayer. Assume the taxpayer wants to minimize their taxes where ever possible. NOTE: For simplicity assume net provincial taxes are $5.000. FIN 235 - SECTION #3 HAND-IN NAME: NOTE: Be sure to show all your work when ontwering each question #1) You have recently set up a part-time bookkeeping and tax return business. A client of yours has stopped by and provided you with the following information for the 2019 Tax Year: T4.Employment Income Box 14 Box 16 = Box 18 = Box 20 - Box 52 = Box 22 - Box 44 = $77.503 Employment Income $2,749 Employee's CPP Contributions $860 Employee's El Contributions $3,100 Employee's RPP Contributions $6,200 Pension Adjustment $15,501 Income Tax Deducted from Source $1,550 Union Dues 15 - Investment Income Box 24 = Box 25 - Box 26 = $566 Actual Amount of Eligible Dividends $781 Taxable Amount of Eligible Dividends $117 Federal Dividend Tax Credit for Eligible Dividends Other Information RRSP Contributions: June 4, 2017 $1,157 December 22, 2017 $1,680 $2,837 (A) (A) Assume the taxpayer has the available RRSP Contribution Room and has not previously deducted any of these contributions in a prior tax return. For simplicity, you don't need to prepare Schedule 7. Support Payments: Child $1,286 Spousal $1,617 Total 2017 Year $2,903 (B) (B)Taxpayer ended their unhappy marriage to their first spouse years ago and signed a support contract confirming the above amounts paid to former spouse Gross Business Revenues $12,329 Net Business Income $4,315 (C) (C) Don't need to prepare a statement of Business Activities Donation to Registered Charity Donation to Federal Political Party $141 $247 Sold Shares on the TSX: Gross Proceeds Adjusted Cost Base Selling Expenses (Brokerage Fees) (D) Complete Schedule 3 $2,752 $2,248 $19 (D) Interest on Loan to Purchase Shares (No Regstered Interest on loan to Purchase RRSP $231 $11,219 (E) Tuition for College (Full Time Student for 8 Months) (E) No carryover of tuition credits from previous year Medical Expenses: Prescription Drugs $1,175 Botox injections $1,133 Dentist $1,146 Total $3,454 (F) (F) Assume this taxpayer will claim all medical expenses (not the spouse) Married to New Spouse (Age 30) w/Net & Taxable income of $12,920 Required: Using the above information, prepare the complete tax return (T1 Return) for the taxpayer. Assume the taxpayer wants to minimize their taxes where ever possible. NOTE: For simplicity assume net provincial taxes are $5.000