Olin Packett is a CGA-CPA and is employed by a Canadian private corporation. For 2020, his gross salary was $75,000 and the following amounts were withheld from his gross salary:

Federal Income Tax $25,000 Employment Insurance Premiums 856 Canada Pension Plan Contributions 2,732 Registered Pension Plan Contributions 5,000 Charitable contributions (Centraide) 1,000

For 2020 Olin also had the following taxable benefits added to his T4: Automobile Benefit $17,900 Housing Benefit $36,000

Finally, for 2020 Olin also paid for the following revenues and expenses which were not reimbursed by his employer: Revenues: Taxable Capital Gain on sale of shares $50,000 Expenses: Tuition fees for a business management course ( $2,500) Professional dues paid to CPA association ( $1,600) Premiums paid on life insurance policy ( $1,720) Spousal support paid during the year ($24,000)

Which of the following answers corresponds to Olin's Net Employment Income for the year 2020?

Question Completion Status:

QUESTION 1

1. A company owns several office buildings belonging to CCA class 3. The January 1, 2020 UCC balance of CCA class 3 was $495,000. During 2020, one of the buildings in this class was sold for proceeds of $980,000. The building had a capital cost of $575,000.

   Which of the following answers corresponds to the maximum CCA allowed for the company's Class 3 for the year 2020?

   		$24,250
   		$24,750
   		$0
   		$4,000
   		$55,125
   		$10,375
   		None of the choices shown.
   		$3,200

7 points

QUESTION 2

1. Mr. Wong is an employee that is provided with an automobile that his employer leases at a cost of $1,000 per month including all taxes. The total operating costs of the car were $0.60/km for the year and they were all paid by the employer. The car was available to Mr. Wong the entire year, except that he didn't use the car for a 3-month period while he was on a disability leave. Mr. Wong drove the car a total of 50,000kms during the year, of which 15,000kms were employment related (fully documented). Mr. Wong reimbursed his employer $1,000 for his personal use of the automobile for the year.

   Which of the following answers corresponds to the automobile taxable benefit to be included in Mr. Wong's Net Employment Income for the year?

   		$28,000
   		$17,800
   		$2,600
   		None of the choices shown.
   		$16,800
   		$19,996
   		$14,800
   		$14,400

10 points

QUESTION 3

1. Olin Packett is a CGA-CPA and is employed by a Canadian private corporation. For 2020, his gross salary was $75,000 and the following amounts were withheld from his gross salary:

   Federal Income Tax $25,000 Employment Insurance Premiums 856 Canada Pension Plan Contributions 2,732 Registered Pension Plan Contributions 5,000 Charitable contributions (Centraide) 1,000

   For 2020 Olin also had the following taxable benefits added to his T4: Automobile Benefit $17,900 Housing Benefit $36,000

   Finally, for 2020 Olin also paid for the following revenues and expenses which were not reimbursed by his employer: Revenues: Taxable Capital Gain on sale of shares $50,000 Expenses: Tuition fees for a business management course ( $2,500) Professional dues paid to CPA association ( $1,600) Premiums paid on life insurance policy ( $1,720) Spousal support paid during the year ($24,000)

   Which of the following answers corresponds to Olin's Net Employment Income for the year 2020?

   		$109,492
   		None of the choices shown.
   		$127,300
   		$87,712
   		$118,900
   		$75,000
   		$117,300
   		$167,300