Jim Halpert has been employed since 2016 by ABC CO. (ABC), a Canadian public corporation incorporated in Ontario in 2014. ABC sells office cleaning supplies. Jim has asked you, Dwight B. Schrutt the trusted tax guy at ABC for your help in the preparation of his 2020 personal tax return. He has provided you with the following information about his receipts and selected disbursements. 1. $116,000 Salary, bonus Deductions: Income taxes Canada Pension Plan premium Utilities (300/3,000 * $1,200) Employment Insurance premium Meal costs during trips to plant Cell phone purchased Group accident disability insurance premiums Net Income $38,000 2,898 120 860 565 600 800 (43,843) $ 72,157 2. Included in the above salary, bonus amount is a $5,000 bonus that was awarded to him on December 31st 2020 and paid on the next payroll run date of January 14th 2021. 3. Two years ago, ABC Co. granted Jim an option to purchase 2,000 of its common shares at $32 per share. At the time the option was granted, ABC's shares were trading at the value of $30 per share. On January 31, 2020, Jim exercised the options and purchased 2,000 shares of ABC Co. (trading value at purchase date was $44 per share). On November 30, 2020, he sold all of the shares at $48 each. 4. A cash birthday gift of $250 was paid to Jim. ABC Co. corporate policy was to deduct such gifts to determine corporate income. 5. ABC Co requires that Jim work out of his home from time to time. They have supplied him with a computer and printer for this purpose; however, he must pay for his own supplies. His house is 3,000 square feet and his workstation is in a room of about 300 square feet. He also uses the room as a den and guest room. Utility costs for his home for 2020 amounted to $1,200. Jim has not kept a log of the dates when he worked from home. 6. Jim travels out of town from time to time to ABC's manufacturing plant. ABC Co. reimburses him for all travel costs, except meal costs. The plant is only 90 km from the head office, and he always returns home the same day after working a normal eight-hour day. 7. In June 2020, Jim was in accident and was unable to work for six weeks. During this period, he received disability payments totalling $13,427 from Soo Disability Assurance Co. All disability insurance premiums were paid by Jim through payroll deduction. Jim Halpert has been employed since 2016 by ABC CO. (ABC), a Canadian public corporation incorporated in Ontario in 2014. ABC sells office cleaning supplies. Jim has asked you, Dwight B. Schrutt the trusted tax guy at ABC for your help in the preparation of his 2020 personal tax return. He has provided you with the following information about his receipts and selected disbursements. 1. $116,000 Salary, bonus Deductions: Income taxes Canada Pension Plan premium Utilities (300/3,000 * $1,200) Employment Insurance premium Meal costs during trips to plant Cell phone purchased Group accident disability insurance premiums Net Income $38,000 2,898 120 860 565 600 800 (43,843) $ 72,157 2. Included in the above salary, bonus amount is a $5,000 bonus that was awarded to him on December 31st 2020 and paid on the next payroll run date of January 14th 2021. 3. Two years ago, ABC Co. granted Jim an option to purchase 2,000 of its common shares at $32 per share. At the time the option was granted, ABC's shares were trading at the value of $30 per share. On January 31, 2020, Jim exercised the options and purchased 2,000 shares of ABC Co. (trading value at purchase date was $44 per share). On November 30, 2020, he sold all of the shares at $48 each. 4. A cash birthday gift of $250 was paid to Jim. ABC Co. corporate policy was to deduct such gifts to determine corporate income. 5. ABC Co requires that Jim work out of his home from time to time. They have supplied him with a computer and printer for this purpose; however, he must pay for his own supplies. His house is 3,000 square feet and his workstation is in a room of about 300 square feet. He also uses the room as a den and guest room. Utility costs for his home for 2020 amounted to $1,200. Jim has not kept a log of the dates when he worked from home. 6. Jim travels out of town from time to time to ABC's manufacturing plant. ABC Co. reimburses him for all travel costs, except meal costs. The plant is only 90 km from the head office, and he always returns home the same day after working a normal eight-hour day. 7. In June 2020, Jim was in accident and was unable to work for six weeks. During this period, he received disability payments totalling $13,427 from Soo Disability Assurance Co. All disability insurance premiums were paid by Jim through payroll deduction