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Nick's 2022 relevant tax information is as follows: Receives EI payment of $3,500. Moved from Winnipeg to Burnaby to start a new business, earning $40,000
Nick's 2022 relevant tax information is as follows:
Receives EI payment of $3,500.
Moved from Winnipeg to Burnaby to start a new business, earning $40,000 in business income for the year. The cost of the move is $2,500.
Rental loss $11,000
Sold 1,000 shares of Amazon for $33,000. The shares were purchased many years ago for $18,000.
Sold 2,000 shares of Royal Bank of Canada for $21,000. The shares were purchased 10 years ago for $30,000.
Nick has a net-capital loss carry forward of $9,700 from the year 2020, and a non-capital loss carry forward of $47,000 from 2021, both of which he wants to utilize to the maximum extent possible.
Nick is single and has no dependents.
Required: Calculate Nick's Net Income and Taxable Income, showing the structure of ITA 3 and all subtotals
Receives EI payment of $3,500.
Moved from Winnipeg to Burnaby to start a new business, earning $40,000 in business income for the year. The cost of the move is $2,500.
Rental loss $11,000
Sold 1,000 shares of Amazon for $33,000. The shares were purchased many years ago for $18,000.
Sold 2,000 shares of Royal Bank of Canada for $21,000. The shares were purchased 10 years ago for $30,000.
Nick has a net-capital loss carry forward of $9,700 from the year 2020, and a non-capital loss carry forward of $47,000 from 2021, both of which he wants to utilize to the maximum extent possible.
Nick is single and has no dependents.
Required: Calculate Nick's Net Income and Taxable Income, showing the structure of ITA 3 and all subtotals
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