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In 2021, William Barker, who is single, earned the following income and incurred the following losses: Employment income Business loss Taxable capital gains Property
In 2021, William Barker, who is single, earned the following income and incurred the following losses: Employment income Business loss Taxable capital gains Property income (interest) Allowable capital loss from the sale of shares of public corporations Allowable capital loss from the sale of shares of a CCPC that qualifies as a small business corporation At the end of 2020, William had: 1. unused net capital losses of $16,000 and 2. unused non-capital losses of $37,000. William does not want to pay any federal tax in 2021. For 2021, William does not want to pay any federal tax in is entitled to 1. a deduction for CPP enhanced contributions of $68, 2. the basic personal tax credit $13,808, 3. the Canada employment credit $1,257 and 4. the CPP & El credit amount of $921. $16,000 $(4,000) $ 7,000 $18,000 $(9,000) $(2,000) Required: 1. Calculate William's Net income for tax purposes which would result in no tax liability after deducting tax credits. 3(a) Subtotal Segment A Coe 3(b) Subtotal Segment B 3(c) 0 0
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