1. On June 1, 2020, Ms. Annie Rawlings purchased an automobile to be used exclusively in her unincorporated business. The cost of the automobile was $40000, before GST and PST. She finances a part of the purchase price and, as a consequence, has financing charges for the period June 1, 2020 to December 31, 2020 of $3790. Ms. Rawlings has decided not to deduct any CCA this year. Ignoring any deduction for CCA, how much other costs can Ms. Rawlings deduct in 2020 with respect to this vehicle acquisition?

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2.Ms. Leslie Little is a full time architect. To help finance her various hobbies, she grows carrots for sale in a little plot next to her house.Although she has no farming background, in most years she has made a small profit selling at a monthly farmers' market in the summer. She has reasonable expectation of profit. However, she incurred a loss in 2020 of $18000 due to a lawsuit claiming her carrots were bad. A portion of this could be deducted in 2020. After deducting this portion in 2020, calculate the remaining farm loss carry over available to her for future years (2021 and beyond, to be applied against farm income). What is the amount of this loss carry over available to her in future years?

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3.A full time school teacher recognized a $17000 loss in 2020 from his part time farming activities. What is the maximum deduction allowed in 2020 for the farm loss?

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4.On January 1, 2020, Mr. Ray Holland leases an automobile to be used 100 percent of the time in his unincorporated business. The lease cost is $910 per month. The manufacturer's suggested list price for the automobile is $107000. Mr. Holland makes no down payment and no refundable deposits. Determine his maximum deduction for lease payments for 2020. Ignore GST and PST considerations.

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5.During 2020, Ms. Mary Richards receives $6500 in non eligible dividends from taxable Canadian corporations. Her income is such that all additional amounts will be taxed at a 29 percent federal rate and a 13 percent provincial rate. Her provincial dividend tax credit for non eligible dividends is equal to 27 percent of the gross up. What is the total federal and provincial dividend tax credit she will be eligible for as a result of these dividends?

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