Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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.

Thank you!

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

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

South Western Federal Taxation 2014 Comprehensive Volume

Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young

37th Edition

1285180925, 978-1285180922

Students also viewed these Accounting questions

Question

what are the six steps to effective financial statement analysis

Answered: 1 week ago