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Maria Del Mar, age 30, earned $49,500 last year as a dental hygienist for Hillside Dental Associates. During the year, Maria also received director's
Maria Del Mar, age 30, earned $49,500 last year as a dental hygienist for Hillside Dental Associates. During the year, Maria also received director's fees of $850, and incurred the following expenses: Uniforms purchased for employment purposes $680 Parking expenses ($110/month) Hygienist association fees $1,320 490 Maria also earned interest income of $3,750 from holding a $75,000 cash balance in T-Bills and paid $2,400 in interest expense relating to a loan for an RRSP contribution. Maria has not repaid this RRSP loan because she believes that savings is more important. Maria also has 1,000 shares of Electric Battery Inc, in her self-directed RRSP. During the year, she sold 500 shares at $35 per share for a capital gain of $7,500. She withdrew the proceeds of disposition and purchased living room furniture. Case Problem Requirement: Maria has asked you to calculate her net income for tax purposes. In addition, after fully understanding the tax consequences of her employment, and revisiting her investing and financing activities, provide her with tax-planning opportunities for the upcoming year. Online Submission Requirements: A. Due for Blackboard individual online file submission on or before Monday, March 29, 2021, 9:00a.m. B. File format: Typewritten, using MS Word only. The assignment file must be submitted by file attachment to the online submission folder. C. FILE FORMATS THAT ARE NOT ALLOWED: Third party links, Pdf, or any static file format that do not permit marking and comment annotations (subject to mark deductions). End
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