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On January 1 2 , 2 0 2 3 , Desmond Doss a professional engineer, moved from Toronto to Kingston to begin employment with Camden
On January Desmond Doss a professional engineer, moved from Toronto to Kingston to begin employment with Camden Ltd a large public corporation. Because of his new employment contract, Jackson requires assistance in determining his employment income for tax purposes. He has provided the following financial information:
His salary is $ From this, Camden deducted the appropriate income tax, Employment Insurance premiums of $ Canada Pension Plan contributions of $ registered pension plan payments of $ and charitable donations of $
Camden provides its executives with a bonus plan. Desmond's bonus was $ of which $ was received in December and the balance in March
In November, Desmond asked his employer to loan him $ so that he could acquire an investment. Camden advised him that it was company policy not to make loans to employees. However, they gave him the $ stipulating that it was an advance against his salary, which would be reduced accordingly.
Desmond is provided with a company car, which he drove km for employment duties and km for personal use. The car is leased at $ per month. Camden paid the total operating costs of $ The car was available for personal use throughout the year.
Desmond's moving expenses to transport his belongings to Edmonton were $ Camden paid this cost directly to a moving company on Desmond's behalf.
Desmond travels extensively for Camden. In December, he and his spouse used some of the travel points he had accumulated from this travel to attend his father's funeral in Montreal. As a result, he saved the normal airfare of $ per ticket.
Camden pays the following additional amounts for Desmond:
Allowance $ per month for acquiring executive apparel
Investment counsellor fees as part of Camden's counselling program
Golf club dues Desmond rarely uses the club to conduct business
Desmond pays for the following:
Dues to the engineers' association $
Laptop computer and printer
Computer supplies paper etc.
Camden has asked each senior executive to acquire a laptop computer at their own expense for work during travel
Desmond sold shares of Evert Inc. his former employer at $ per share. Evert is a Canadiancontrolled private corporation. The shares were purchased under a stockoption plan in at $ per share. The appraised value at that time was $ per share.
Required:
Determine Desmond's employment income for tax purposes for
Important Instructions: Input your amounts as one number, no commas, no dollar sign, no spaces, and ROUND to the nearest dollar. Example: ten thousand Negative amounts should be indicated with a dash in front. Example: A positive number means it will INCREASE income. A negative number means it will DECREASE income.
What amount of Salary will affect Employment Income?
What amount of Bonus will affect Employment Income?
What amount of Canada Pension Plan CPP will affect Employment Income?
What amount of Employment Insurance EI will affect Employment Income?
What amount of Donations will affect Employment Income?
What amount of Loan Benefit will affect Employment Income?
What amount of Salary Advance will affect Employment Income?
What amount of the automobile's Standby Charge Benefit will affect Employment Income?
What amount of the automobile's Operating Cost Benefit will affect Employment Income?
What amount of Moving Expenses will affect Employment Income?
What amount of Airfare ExpensesTravel Points Benefit will affect Employment Income?
What amount of Clothing Allowance will affect Employment Income?
What amount of Investor Counsellor Fees will affect Employment Income?
What amount of Golf Club Dues will affect Employment Income?
What amount of Engineering Dues will affect Employment Income?
What amount of Laptop & Printer will affect Employment Income?
What amount of Paper Supplies will affect Employment Income?
What amount of Stock Option Benefit will affect Employment Income?
What amount of Stock Option Deduction will affect Employment Income?
What amount of Taxable Capital Gain will affect Employment Income?
What amount of Registered Pension Plan RPP will affect Employment Income?
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Lets go through each item one by one 1 Salary The full amount of Desmonds salary will affect his employment income Therefore the amount of 98000 will be included 2 Bonus The full amount of Desmonds bo...Get Instant Access to Expert-Tailored Solutions
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