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I am looking for this answer. Please help Helen Chu formally separated from her husband late in 2018. Custody of her three children ages 14,
I am looking for this answer. Please help
Helen Chu formally separated from her husband late in 2018. Custody of her three children ages 14, 9, and 5, was granted to her as part of an agreement (properly referenced to the Income Tax Act, as necessary) that was worked out with her husband in Family Court. The oldest child, Allen, is 20 years old, anc therefore, not part of the agreement, although he lives with her and the other children when not at school. Helen received $2,500 per month in spousal sur and $2,000 per month in child support from her former spouse. The payments are made pursuant to a court order. To make a fresh start, on January 15, 2019. Helen was transferred from Ottawa to MT Ltd 's head office in Toronto (MTT Ltd. is a public corporation) Her 2019 financial information is summarized below 1. Helen received a salary of $90,000. From this, MT Ltd deducted Canada Pension Plan (CPP) and Employment insurance (El) of $3,609 and income tax of \$20,000. During 2019, MT Ltd. paid Helen's premium of 5800 for group term life insurance. 2. Helen participates in a stock option plan with her employer. In 2018 , she was granted options to purchases 1,000 shares at 54 per share while the sharesv trading for 33 per share. In early 2019 while the shares were trading for 56 per share, Helen exercised her options and acquired 1,000 shares. In late 2019 the shares were trading for 59 per share, and Helen sold all 1,000 shares. 3. Helen incurred moving expenses in 2019 of $7,000, which qualified as allowable deductions for tax purposes 4. Helen won \$2,000 playing poker in a casino during a famly trip to Niagara Falls in the summer. 5. Helen withdrew 58,000 from her TFSA in June 2019 and contributed $5,000 to her TFSA during the year. 6. During the year. Helen sold a work of art for $3,000 that originally cost $500. 7. Helen had the following transactions in her investment accounts in 2019 : - Share in High incorporated were sold for $35,000. Helen acquired the shares by investing $15,000 in the company back in 2010. - Helen sold her shares Low Ltd, a public company, for $10,000. The shares were initlally purchased at $18,000. - Helen received eligible dividends of $3,000, non eligible dividends of 55,000 and interest from saving sources of 5800 from her investments. 8. Helen had the following miscellaneous expenditures in 2019. - $20,000 of child care expenses relating to the three younger children. - $500 contribution to a registered political party and $2,000 to registered charities. - Medical expenses for Helen in 2019 consisted of $5,000 paid to an orthodontist to correct her bite. 9. Allen, the oldest child, attended university for full time in 2019 and paid tuition fee of 512,000 . Allen has agreed to transfer the maximum amouigt of tultion te: Helen. Allen did not earn any incomes in 2019. 10. A revew of Helen's 2018 rax return shows 515,000 ner capial losses camied forward to 2019 Step by Step Solution
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