Question
Ms. A had net employment income of $35,000. Unfortunately, her unincorporated coffee business suffered a net business loss of $10,000. She also didn't have a
Ms. A had net employment income of $35,000. Unfortunately, her unincorporated coffee business suffered a net business loss of $10,000. She also didn't have a great year in the stock market: while earning $12,000 in total (dividends and interest) from her investments, she realized the following gains and losses as well during the current year:
Capital Gains $46,000
Capital Losses $58,000
Ms. A still managed to make some contributions of $5,000 to her RRSP (note this is a Subdivision e deduction in para. 3(c)).
Required:
Calculate Ms. A s Net Income For Tax Purposes (Division B income) according to the aggregation formula for the current year.
Apply the NIFTP formula appropriately when adding various amounts.
This question requires you to fill in the 12 boxes below.
Write all inputs as a whole POSITIVE number. If there are boxes you wish to leave blank, enter a number zero "0" or "none. Blank boxes will receive a grade of zero.
Do not write a negative sign, $, " ", commas or brackets.
3(a) | Employment Income | |
Business Income | ||
Property Income | ||
Total from 3(a) only | ||
3(b) | Taxable Capital Gains | |
Allowable Capital Losses | ||
Total from 3(b) only | ||
3(c) | Subdivision e Deductions only | |
3(d) | Business Loss | |
Property Loss | ||
Total from 3(d) only | ||
Net Income for Tax Purposes |
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