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Mr. Singh would like to know the maximum medical expense tax credit he can claim for 2019. He has Division B income of $30,000 and
Mr. Singh would like to know the maximum medical expense tax credit he can claim for 2019. He has Division B income of $30,000 and eligible medical expenses of $3,180. What is the amount of his non-refundable medical expense tax credit? $828 $477 $2,280 $342 Which of the following statements about support payments and receipts is TRUE: Support payments, whether for for child or spousal support, can be combined when determining the amount deductible by the payer and the income inclusion for the recipient Payments for spousal support are neither deductible by the payer, nor included in income of the recipient The recipient of spousal support includes the amount in income to be taxed, while the payer has a deduction of the same amount in determining their net income for tax purposes Payments for child support are deductible by the payer and included in income of the recipient James sold a rental property (ACB $200,000) to his wife, Deanna, for $500,000 on January 5, 2019. At the time of this sale, the fair market value was $700,000. James and his wife elected under subsection 73(1) of the Income Tax Act for that subsection not to apply to the sale. Deanna held onto the rental property until December 27, 2019, when she sold it for $900,000. What are the taxable capital gains that James and Deanna must report on their 2019 tax returns with respect to the sale of the rental property? Assume that neither individual has any principal residence claims on the rental property The taxable capital gains are $150,000 for James and $200,000 for Deanna. The taxable capital gains are $250,000 for James and $100,000 for Deanna. The taxable capital gains are $250,000 for James and $200,000 for Deanna. The taxable capital gains are $150,000 for James and $100,000 for Deanna
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