For the 2020 taxation year, Karen has net employment income of $12,000. She also earns rental income from her basement apartment of $13000. During 2020, Karen has taxable capital gains in the amount of $14,000 and allowable capital losses of $6,500. She makes RRSP contributions of $15000 during the year. During the year, Karen started a new business. In 2020, her new business has a net loss of $4,000. Kate also has net rental income of $6,000 during the year.

Instructions:

Calculate Karen's Net Income For Tax Purposes (Division B income) for the current year. Indicate the amount and type of any loss carry overs that would be available at the end of the year (if any).

This question requires you to fill in the 14 boxes below. Be sure to enter a negative number with a negative sign - or parentheses (). If there are boxes you wish to leave blank, please enter a zero 0. Blank boxes will receive a grade of zero.

3(a) Employment Income Business Income Property Income Total from 3(a) 3(b) Taxable Capital Gains Allowable Capital Losses Total from 3(b) 3(c) Subdivision e Deductions (Total) 3(d) Business Loss Property Loss Total from 3(d) Net Income for Tax Purposes Capital Loss Carryover Non-Capital Loss Carryover