Mr. Frank Abbott owns a rental building in Moose Jaw which has the following revenues and expenses for 2017. The building is in Class 1 (4%) and had a UCC balance of $225,000 on January 1, 2017 (claim maximum CCA).

Rental Revenue $30,000

Expenses:

Utilities $6,800

Mortgage Interest $11,900

Property Taxes $3,600

Repairs $6,700 $29,000 Subtotal $1,000

REQUIRED:

1. Calculate the Net Rental Income to be reported on the T1 return.

2. Show and submit all calculations, including a complete CCA schedule

3. Record the Net Rental Income you have calculated on the appropriate line on the T1