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Margaret Lykaios is the president and major shareholder of Measureup Ltd . , a Canadian - controlled private corporation that operates a construction business in
Margaret Lykaios is the president and major shareholder of Measureup Ltd a Canadiancontrolled private corporation that operates a construction business in Regina, Saskatchewan. Measureup earns only business income which is all subject to the small business deduction.
In she had a number of financial transactions. She has asked you to help her prepare her tax return and provide advice on other tax matters. The following additional financial information is provided for :
Margarets gross salary was $ from which Measureup deducted the following amounts.
Income tax $
CPP and EI premiums
Private health insurance premiums
Group sickness and accident insurance premiums
In addition to her salary, Measureup paid $ to a deferred profitsharing plan, $ of private health insurance premiums, and $ of group sickness and accident insurance premiums.
Margaret is required to use her own automobile for company business. For this, Measureup pays her an annual allowance of $ She purchased a new automobile for $ plus HST and received $ as a trade on her old car. At the end of the previous year, the old car had an undepreciated capital cost balance of $class Of the km driven in km were for employment purposes. Margaret incurred automobile operating costs of $
For three months during the Margaret was sick and could not attend work. She received $ from the companys group sickness and accident insurance plan. Since the plans inception, Margaret had paid premiums totalling $
Margaret purchased a warehouse property and leased it to Measureup to store construction equipment. The property cost $land building The building was originally constructed after March The price for the land includes $ of permanent landscaping completed just after acquisition. The rental income is summarized in the following chart.
Rent received $
Expenses:
Insurance $
Property taxes $
Interest
Repairs:
General maintenance
Storage shed addition $ $
Income $
Margaret is a partner in a computer software business but is not active in its management. The partnership financial statement shows a profit of $ for the year ended December The profit consists of $ from software sales and $ from interest earned.
On July Margaret purchased a threeyear guaranteed investment certificate for $ with interest at The interest compounds annually but is not payable until July
Margaret received made the following additional receipts disbursementsMargaret Lykaios is the president and major shareholder of Measureup Ltd a Canadiancontrolled private corporation that operates a construction business in Regina, Saskatchewan. Measureup earns only business income which is all subject to the small business deduction.
In she had a number of financial transactions. She has asked you to help her prepare her tax return and provide advice on other tax matters. The following additional financial information is provided for :
Margarets gross salary was $ from which Measureup deducted the following amounts.
Income tax $
CPP and EI premiums
Private health insurance premiums
Group sickness and accident insurance premiums
In addition to her salary, Measureup paid $ to a deferred profitsharing plan, $ of private health insurance premiums, and $ of group sickness and accident insurance premiums.
Margaret is required to use her own automobile for company business. For this, Measureup pays her an annual allowance of $ She purchased a new automobile for $ plus HST and received $ as a trade on her old car. At the end of the previous year, the old car had an undepreciated capital cost balance of $class Of the km driven in km were for employment purposes. Margaret incurred automobile operating costs of $
For three months during the Margaret was sick and could not attend work. She received $ from the companys group sickness and accident insurance plan. Since the plans inception, Margaret had paid premiums totalling $
Margaret purchased a warehouse property and leased it to Measureup to store construction equipment. The property cost $land building The building was originally constructed after March The price for the land includes $ of permanent landscaping completed just after acquisition. The rental income is summarized in the following chart.
Rent received $
Expenses:
Insurance $
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