Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Haya has a vehicle that uses for the Uber business in Edmonton, AB; Haya notes the following for 01-01 2019 to 31-12-2019: Business Income C$

Haya has a vehicle that uses for the Uber business in Edmonton, AB; Haya notes the following for 01-01 2019 to 31-12-2019: Business Income C$ 30,000 Meals and entertainment C$ 120 Insurance C$ 1450,200 Interest and Bank charge C$ 55.44 Business taxes , licence , and memberships C$ 1333.56 Telephone ( Utilities ) C$ 480 Note that only one-half of meals and entertainment expenses is tax deductible. She regularly drives to her customers & her vehicle expenses for the year as: Fuel and C$ 2860.56 Licence & Registration C$ 1950 Maintenance & repairs C$ 4,600 She also recorded the following information for 2019: Purchase date of the Vehicle 01-01-2019 Model of Vehicle 2014 Opening balance of the underappreciated capital cost CS 21,531 Kilometers driven to earn business income 20,000 Total kilometers driven 35,000 Capital cost allowance is also knows as depreciation of your business assets. CCA is a tax deduction. Use class 10 with a CCA rate of 10 % Find : allowance motor vehicle expenses net Income Haya runs her business in Edmonton, Alberta all her fees are rated at 5% GST and she has expenses that include GST in a given year. Calculate Net tax and complete GST/HST return (Find Total remittance that she has to pay (remit) to CR

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Portfolio Performance Measurement And Benchmarking

Authors: Jon Christopherson, David Carino, Wayne Ferson

1st Edition

0071496653, 978-0071496650

More Books

Students also viewed these Finance questions

Question

8. Explain the contact hypothesis.

Answered: 1 week ago

Question

2. Define the grand narrative.

Answered: 1 week ago