laxable Group term life insurance policy premiums Allowance for incidental expenses ($400 per month) Taxable Requirement 2. Calculate the total amount of taxable benefits for Sadie in the current year. Complete the table below. (Round your answers to the nearest cent, and provide appropriate refer Taxable Benefits Amount ITA Reference Life Insurance 400 ITA S.6(4) Public health care 1,500 ITA S.6(1)(a) Auto - reduced standby charge ITA S.6(2) or 6(1)(e) Auto - operating cost ITA S.6(1)(k) Reimbursement - for Sadie's mother's travel 2,500 Allowance - for incidental expenses 4,800 ITA S.6(1)(b) Loan interest ITA S.6(9) and 80.4 Stock options ITA S. 7(1) Total taxable benefits pursuant to ITA 6 and ITA 7 Choose from any list or enter any number in the input fields and then click Check Answer. part remaining 9 0 E o m PMore Info - X Sadie's T4 slip for the current year indicates the following amounts were deducted from her gross salary of $82,000 Deductions Amounts CPP (maximum for the year*) El (maximum for the year*) RPP $4,500.00 Pension adjustment 9,000.00 Income Tax deducted 20,000.00 Union Dues 300.00 Charitable donations 1,200.00 * See the current year's tax rate sheet to determine the CPP and El reported on the T4 slip. The following amounts are paid by Enfield Lid. and not included on Sadie's current year T4 slip. Paid by Enfield Ltd. Amounts Private health insurance plan premiums $1,800.00 Public health insurance plan premiums 1,500.00 Group term life insurance policy premiums 400.00 Allowance for incidental expenses ($400 per month) 4,800.00 and Print Done be Clear All Pnher of vears as its accountant More Info - X Enfield Ltd. provided Sadie with a motor vehicle for the entire year, and the company also paid for all operating costs for the vehicle, with $5,250 paid for operating costs in the current year. The vehicle was purchased by Enfield Ltd. three years ago at a cost of $48,000 (incl. GST). In the current year, Sadie drove 25,500 kilometres; 12,000 kilometres were personal, and 13,500 were for employment purposes. On October 1 of the current year, Sadie purchased 1,400 shares of Enfield Ltd. under a stock option plan. Enfield Lid. is a Canadian public corporation. The following information is provided. Stock Options Option granted on Jan. 1 of the prior year, FMV = $14 per share Option price = $14 per share Option exercised on July 1 of the current year, FMV = $20 per share Note: On December 31, Jane continues to hold the 1,400 Enfield Lid. shares since she anticipates they will appreciate in value. In the current year, her mother travelled with her to Laval when Sadie attended a five-day conference for accountants. Enfield Lid. reimbursed her for the full cost of $6,400, of which $2,500 (including GST) was for expenses she incurred for her mother. Print Done Clear All1 of 4 (4 complete) imber of years as its accountant. i More Info - X On July 1 of the prior year, Enfield provided Sadie with an employee loan in the amount of $14,000 at the annual interest rate of 1%. The loan requires annual principal repayments of $2,200 on June 30 of each year. Sadie made the first annual repayment on June 30 of the current year. Canada Revenue Agency's interest rates for the calendar quarters in the current year are as follows. Quarter Rates Quarter #1 (January 1 to March 31) 3% Quarter #2 (April 1 to June 30) 2% e Quarter #3 (July 1 to Sept 30) 3% Quarter #4 (Oct 1 to Dec 31) 3% ap In the current year, Sadie paid the following amount personally: CPA professional ef dues (annual) in the amount of $1,500 (paid on June 30). Employment expenses: Sadie paid for supplies (used for employment purposes) in the amount of $1,350 (expenses occurred throughout the year). Enfield Ltd. has authorized these expenses and filed Form T2200 accordingly S. S Print Done heck Answer. Clear All