In 2019, Gary Kwok, who is single, earned the following income and incurred the following losses:

Employment income	$ 15,000
Business loss	($ 5,500)
Taxable capital gains	$ 4,000
Property income (interest)	$ 16,500
Allowable capital loss from the sale of shares of public corporations	($ 8,000)
Allowable capital loss from the sale of shares of a CCPC that qualifies as a small business corporation	($ 5,000)

At the end of 2018, Kwok had:

1. unused net capital losses of $ 19,000 and
2. unused non-capital losses of $40,000.

Kwok does not want to pay any federal tax in 2019. For 2019, Kwok is entitled to

1. the basic personal tax credit $12,069,
2. the Canada employment credit $1,222 and
3. the CPP & EI credit amount of $1,228.

Required:

1. Calculate Kwoks Net income for tax purposes which would result in no tax liability after deducting tax credits.

In 2019, Gary Kwok, who is single, earned the following income and incurred the following losses:

Employment income	$ 15,000
Business loss	($ 5,500)
Taxable capital gains	$ 4,000
Property income (interest)	$ 16,500
Allowable capital loss from the sale of shares of public corporations	($ 8,000)
Allowable capital loss from the sale of shares of a CCPC that qualifies as a small business corporation	($ 5,000)

At the end of 2018, Kwok had:

1. unused net capital losses of $ 19,000 and
2. unused non-capital losses of $40,000.

Kwok does not want to pay any federal tax in 2019. For 2019, Kwok is entitled to

1. the basic personal tax credit $12,069,
2. the Canada employment credit $1,222 and
3. the CPP & EI credit amount of $1,228.

Required:

1. Calculate Kwoks Net income for tax purposes which would result in no tax liability after deducting tax credits.

3(a) Subtotal Segment A $ 0 3(b) Subtotal Segment B $ 0 3(c) 3(d) $ 0 Subtotal Segment D Net income for tax purposes $ 0 Taxable income Federal income tax Liability Deduct non-refundable tax credits: $ 0 Sub Total Total Tax credits * 15% Federal tax payable 2. Calculate the maximum amount of non-capital losses and net capital losses remaining for carry-forward after 2019? Net capital loss loss carryforward beginning of year Plus Net -capital losses unused this year Net - capital losses remaining at end of year $ 0 1:10:12 Non-capital loss carryforward beginning of year Less Non-capital losses used this year Non- capital losses remaining at end of year $