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Gracie is 5 years old and Cal is 11 years old. Calculate net income for tax purposes for Additional Information. If you need more information
Gracie is 5 years old and Cal is 11 years old. Calculate net income for tax purposes for "Additional Information". If you need more information please ask.
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1. In 2020, Sandra Dumont contributed $10,000 to her RRSP and another $3,000 to a spousal RRSP. She has contributed the same amount to the spousal plan for the past four years. On December 20, 2020, her husband withdrew $4,000 from this spousal account. According to her 2019 Notice of Assessment, her maximum RRSP contribution limit for 2020 was $15,500. 2. The following additional receipts and disbursements occurred during 2020: Paid dental fees Paid contributions to a registered federal political party Paid interest on late payment of 2019 income tax $2,900 1,400 240 3. Dumont's husband earned $150,000 in 2020. 4. Dumont paid $11,000 for childcare expenses for her daughter Gracie and son Cal. The expenses were paid to Happy Childcare Centre. 5. Samantha started her Engineering degree at Memorial University in September 2020. She spent $2,800 on tuition fees and was a full-time student for four months. She spent $600 on her textbooks. 6. Sandra and her husband donated $1,000 to the Red Cross, a registered charity for their reliefefforts in Haiti. 7. Sandra is a severe diabetic and has been approved by the CRA to claim the disability tax credit. 8. Prescribed rates for 2020 Quarter One -2%; Quarter Two -3%; Quarter Three 2%; Quarter Four -1%. 1. In 2020, Sandra Dumont contributed $10,000 to her RRSP and another $3,000 to a spousal RRSP. She has contributed the same amount to the spousal plan for the past four years. On December 20, 2020, her husband withdrew $4,000 from this spousal account. According to her 2019 Notice of Assessment, her maximum RRSP contribution limit for 2020 was $15,500. 2. The following additional receipts and disbursements occurred during 2020: Paid dental fees Paid contributions to a registered federal political party Paid interest on late payment of 2019 income tax $2,900 1,400 240 3. Dumont's husband earned $150,000 in 2020. 4. Dumont paid $11,000 for childcare expenses for her daughter Gracie and son Cal. The expenses were paid to Happy Childcare Centre. 5. Samantha started her Engineering degree at Memorial University in September 2020. She spent $2,800 on tuition fees and was a full-time student for four months. She spent $600 on her textbooks. 6. Sandra and her husband donated $1,000 to the Red Cross, a registered charity for their reliefefforts in Haiti. 7. Sandra is a severe diabetic and has been approved by the CRA to claim the disability tax credit. 8. Prescribed rates for 2020 Quarter One -2%; Quarter Two -3%; Quarter Three 2%; Quarter Four -1%Step by Step Solution
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