JOSHUA AND LINDA ROGERS ARE MARRIED AND LIVE WITH ALL OF THEIR CHILDREN. THEY HAVE ASKED YOU TO PREPARE THEIR INCOME TAX RETURNS 2020 ON CANTAX (NOT THEIR CHILDREN'S) JOSHUA: SIN #CANY).; BIRTH: DECEMBER 15, 1949. (Insert your name) LINDA: SIN # (ANY): BIRTH JANUARY 12, 1961. (Insert your name) NOTE: (USE ANY ADDRESS AND ANY OTHER PERSONAL INFORMATION REQUIREDII THANKS) CHILDREN: Judy -BIRTH: MAY 11, 2013; NET INCOME: $0; DISABLED: HEARING LOSS; Randy... -BIRTH: OCTOBER 12, 1999; Taxable/Net INCOME: $15,000; FULL-TIME (8 MONTHS) COLLEGE STUDENT: TUITION: $20,000 PAID BY PARENTS. This year, the Parents (Joshua and Linda) pald Adaption Fees of $12,000 to legally adapt Sara as their child. JOSHUA AND LINDA 'S INVESTMENT & PENSION INCOME TD BANK INTEREST $3,000 (Joshua) CANADA SAVING BONDS INTEREST $600 (Linda) SCOTIA BANK ELIGIBLE DIVIDEND RECEIVED IN CASH: $2,000 (Joshua) Schedule 4 Joshua has Private Pension Income from Sun Life this year: $30,000. Optimize the Pension Income Spilt with his spouse. Joshua also received CPP Benefits of $10,000 and the maximum OAS Benefit. (Amount, see Cantax T1), this year. RENTAL INCOME: (LINDA) (Line 12600) (20% of Building is used for personal use) COMMERCIAL BUILDING CLASS 1, UCC (JAN 1, this year): $100,000 (net of 20% personal use) FURNITURE CLASS 8: UCC (JAN 1, this year): $10,000; New furniture purchased: COST $20,000: OLD FURNITUREDISPOSAL: ORIGINAL COST: $10,000; PROCEEDS: $20,000. Hint Capital Gain GROSS RENT - $90,000 MAINTENANCE EXPENSE - $10,000 (non-capital, and deductible) MORTGAGE INTEREST - $20,000 PROPERTY TAX - $30,000 STOCKS AND OTHER CAPITAL GAINS: (JOSHUA) (Line 12700) Schedule 3 SOLD HIS LPP-Painting FOR $8,000 WHICH COST HIM $2,000 TO PURCHASE SOLD ABC SHARES - COST $40,000; PROCEEDS $60,000 PRIOR YEARS' UNUSED ALLOWABLE CAPITAL LOSSES $5,000 (2018) (Hint: use Line 25300) INVESTMENT INTEREST EXPENSE - $2,500. (Line 22100, Schedule 4) PROFESSIONAL CONSULTING BUSINESS (JOSHUA) (Use Line 187 00Professional) REVENUE $60,000; OFFICE SUPPLY EXPENSES $6,000; BAD DEBT: $7,000 CPA PROFESSIONAL FEES- $500 COMPUTER SERVICES EXPENSE - $3,000 AUTO: TOTAL KM DRIVEN, this year: 20,000, BUSINESS-30% Total expenses: gas ($5,000); Insurance ($1,200); Maintenance ($4,000) auto cost (Ucc-$12,000, claim maximum) PRIOR YEARS' UNUSED BUSINESS LOSSES $10,000 (2018) (Hint: Use Line 25200) Joshua is retired and has no employment Income. EMPLOYMENT INCOME-LINDA (ABC Corp) GRO88-481,000 Deductione El-$474 CPP - $1,391 RPP-$1,000 INCOME TAX - 48,000 LINDA CONTRIBUTED THE MAXIMUM ALLOWED TO HER OWN RRSP for this year LINDA'S Last Year's EARNED INCOME - $60,000; PENSION ADJJUSTMENT. (Last Year) $2,000. For this year, Linda meeto all the requirements to claim the maximum Volunteer Fire Fighters Credit. CONTRIBUTIONS :( JOSHUA AND LINDA) Line 34900 Charities: UNITED WAY: $3,500; Toronto General Hospital: $1,000 QUALIFIED FEDERAL POLITICAL PARTY DONATION- $2,000 Sch 1 Page 2 QUALIFIED MEDICAL EXPENSES - $6,000 (LINDA) Sch 1 Line 98099 CHILD CARE EXPENSE (this year) - $20,000 (NANNY) USE ANY NAME AND ADDRESS. T1 Dependents 1 REQUIRED: (Reminder: Backup on a USB stick or in Cloud Storage) Using Cantax T1-Current Calculate the Couples "MINIMUM" INCOME TAX PAYABLE for Joshua and Linda 1. PRINTOUTS IN PDF (Hint: Re-do: Medical, Charitable donations and Pension Split). COMBINED TAX SUMMARY LINDA (JOSHUA AND LINDA-1pg) (This will be your cover page-full page! BUSINESS INCOME AND EXPENSES (JOSHUA)-T2125, page 3 only. RENTAL INCOME AND EXPENSES (LINDA)-T776, page 2 and 3 only. T1 Return, Pages 5, 6, 7 only. (Linda and Joshua) JOSHUA AND LINDA ROGERS ARE MARRIED AND LIVE WITH ALL OF THEIR CHILDREN. THEY HAVE ASKED YOU TO PREPARE THEIR INCOME TAX RETURNS 2020 ON CANTAX (NOT THEIR CHILDREN'S) JOSHUA: SIN #CANY).; BIRTH: DECEMBER 15, 1949. (Insert your name) LINDA: SIN # (ANY): BIRTH JANUARY 12, 1961. (Insert your name) NOTE: (USE ANY ADDRESS AND ANY OTHER PERSONAL INFORMATION REQUIREDII THANKS) CHILDREN: Judy -BIRTH: MAY 11, 2013; NET INCOME: $0; DISABLED: HEARING LOSS; Randy... -BIRTH: OCTOBER 12, 1999; Taxable/Net INCOME: $15,000; FULL-TIME (8 MONTHS) COLLEGE STUDENT: TUITION: $20,000 PAID BY PARENTS. This year, the Parents (Joshua and Linda) pald Adaption Fees of $12,000 to legally adapt Sara as their child. JOSHUA AND LINDA 'S INVESTMENT & PENSION INCOME TD BANK INTEREST $3,000 (Joshua) CANADA SAVING BONDS INTEREST $600 (Linda) SCOTIA BANK ELIGIBLE DIVIDEND RECEIVED IN CASH: $2,000 (Joshua) Schedule 4 Joshua has Private Pension Income from Sun Life this year: $30,000. Optimize the Pension Income Spilt with his spouse. Joshua also received CPP Benefits of $10,000 and the maximum OAS Benefit. (Amount, see Cantax T1), this year. RENTAL INCOME: (LINDA) (Line 12600) (20% of Building is used for personal use) COMMERCIAL BUILDING CLASS 1, UCC (JAN 1, this year): $100,000 (net of 20% personal use) FURNITURE CLASS 8: UCC (JAN 1, this year): $10,000; New furniture purchased: COST $20,000: OLD FURNITUREDISPOSAL: ORIGINAL COST: $10,000; PROCEEDS: $20,000. Hint Capital Gain GROSS RENT - $90,000 MAINTENANCE EXPENSE - $10,000 (non-capital, and deductible) MORTGAGE INTEREST - $20,000 PROPERTY TAX - $30,000 STOCKS AND OTHER CAPITAL GAINS: (JOSHUA) (Line 12700) Schedule 3 SOLD HIS LPP-Painting FOR $8,000 WHICH COST HIM $2,000 TO PURCHASE SOLD ABC SHARES - COST $40,000; PROCEEDS $60,000 PRIOR YEARS' UNUSED ALLOWABLE CAPITAL LOSSES $5,000 (2018) (Hint: use Line 25300) INVESTMENT INTEREST EXPENSE - $2,500. (Line 22100, Schedule 4) PROFESSIONAL CONSULTING BUSINESS (JOSHUA) (Use Line 187 00Professional) REVENUE $60,000; OFFICE SUPPLY EXPENSES $6,000; BAD DEBT: $7,000 CPA PROFESSIONAL FEES- $500 COMPUTER SERVICES EXPENSE - $3,000 AUTO: TOTAL KM DRIVEN, this year: 20,000, BUSINESS-30% Total expenses: gas ($5,000); Insurance ($1,200); Maintenance ($4,000) auto cost (Ucc-$12,000, claim maximum) PRIOR YEARS' UNUSED BUSINESS LOSSES $10,000 (2018) (Hint: Use Line 25200) Joshua is retired and has no employment Income. EMPLOYMENT INCOME-LINDA (ABC Corp) GRO88-481,000 Deductione El-$474 CPP - $1,391 RPP-$1,000 INCOME TAX - 48,000 LINDA CONTRIBUTED THE MAXIMUM ALLOWED TO HER OWN RRSP for this year LINDA'S Last Year's EARNED INCOME - $60,000; PENSION ADJJUSTMENT. (Last Year) $2,000. For this year, Linda meeto all the requirements to claim the maximum Volunteer Fire Fighters Credit. CONTRIBUTIONS :( JOSHUA AND LINDA) Line 34900 Charities: UNITED WAY: $3,500; Toronto General Hospital: $1,000 QUALIFIED FEDERAL POLITICAL PARTY DONATION- $2,000 Sch 1 Page 2 QUALIFIED MEDICAL EXPENSES - $6,000 (LINDA) Sch 1 Line 98099 CHILD CARE EXPENSE (this year) - $20,000 (NANNY) USE ANY NAME AND ADDRESS. T1 Dependents 1 REQUIRED: (Reminder: Backup on a USB stick or in Cloud Storage) Using Cantax T1-Current Calculate the Couples "MINIMUM" INCOME TAX PAYABLE for Joshua and Linda 1. PRINTOUTS IN PDF (Hint: Re-do: Medical, Charitable donations and Pension Split). COMBINED TAX SUMMARY LINDA (JOSHUA AND LINDA-1pg) (This will be your cover page-full page! BUSINESS INCOME AND EXPENSES (JOSHUA)-T2125, page 3 only. RENTAL INCOME AND EXPENSES (LINDA)-T776, page 2 and 3 only. T1 Return, Pages 5, 6, 7 only. (Linda and Joshua)