George Smart is a self employed salesman who has been very successful at his job in the past few years. Unfortunately, his family life has had some challenges. George and his wife Judy, adopted their grandson, Paul, after a tragic accident which left Paul without his parents. Paul is blind, and also has major health problems.

Judy is not working at the present time, she cares for Paul, as well as her mother, Paula, who also lives with them. Paula suffers from severe depression. Paula's family doctor has signed a letter stating that she is dependent on George and Judy, because of her mental impairment. George's sister Susy, completed an alcohol rehabilitation program after being fired for drinking on the job. She is also living with George and Judy while she is enrolled as a full time student at Humber College. Susy pays for her own tuition but Susy wants to transfer any available education related amounts to George. Personal Information: Mr George Smart SIN Date of Birth 499 499 499 June 25, 1976 Marital status: Married Canadian citizen YES Provide information to Elections Canada YES Own foreign property of more than $100,000 Cdn NO Address: Phone number Spouse Judy Smart SIN Date of Birth Net Income Child: Grandson Paul SIN Date of Birth: Net income: 150 Humber College Blvd, Toronto ON MlMlMl 416-675-6612 994-994-994 Jan18,1979 TS - Interest Income $5000 527 000 517 Mar 22, 2018 NIL Mother in law: Paula Small SIN Date of Birth Net Income Sister: Susy Smart SIN Date of Birth: Net income: Susy's Tuition fees (T2202A) 517-000-483 Feb 10, 1940 $maximum OAS, $3000 CPP 527-000-533 April 8, 1969 $9,500 Tuition fees paid for Humber College No of mths in school full time $6,000 6 During the year, Susy was arrested in Mexico, Judy had to spend five weeks in Mexico and $2,000 in legal fees to get her released from jail. George had to pay Nannies on Call $4500 for in home help to care for Paul while Judy was gone. Self employment: Smart Company, year end December 31, 2022 Total Sales (Cash and accrual) $500,000 Expenses: Opening inventory Purchase Direct labour Closing inventory Office supplies Insurance Life insurance Rent Telephone Bank chgs & Interest Eqiupment lease Professional fees Golf club dues $15,000 $200,000 $100,000 $20,000 $12,500 $5,000 $3,000 $20,000 $5,000 $4,500 $5,800 $6,000 $2,800 Meals & Entertainment $9,500 During the year George purchased a new computer and software that was used solely for business related purposes. The computer cost $1,500 and the software programs cost $1,500

George sold the following assets during the year: Description Maple Leaf shares Imperial Oil Shares Antique Car Painting Number of units 150 387 n/a n/a Year of acquisition 2012 2013 2013 2008 Date of disposition Feb 14 June 6 Oct 1 Aug 28 Proceeds of disposition $38,000 $9,500 $72,000 $1,100 Adjusted cost base $27,500 $12,150 $74,000 $450 Selling expenses $500 $450 n/a n/a At the begirnning of the year, George had a net capital loss carryforward of $10,500 from the sale of shares in 2014. RRSP George made a spousal contribution to Judy's RRSP during the year, of $5,000, George's RRSP contribution limit for the current year, is $12,500. He has undeducted RRSP contributions carried forward of $1,000. Judy's contribution limit is $3,500. Prepare tax returns in Profile software, when complete, save as a PDF file and email it to me