Other information relevant to 2021 is as follows: Answer 1 Lauren put her house on the market on January 5, 2021, and at the urging of the listing agent, she accepted an offer resulting in a loss on this property. WEL agreed to compensate her for one-half of any loss on the sale of her home. The payment was made on May 30, 2021. Proceeds on sale of home Original cost of home Gain (loss) 309,100 382,100 (73,000) 3 1 2 In order to help Lauren with the purchase of her new townhouse, WEL provided her with a $120,000, 0.6% housing loan. The funds are provided to Lauren on February 1, 2021. 22 Assume that the prescribed rate for all of 2021 is 1 percent. 23 Use the number months to calculate the low interest loan benefit. 2 In order to help Lauren with the purchase of her new townhouse, WEL provided her with a $120,000, 0.6% housing loan. The funds are provided to Lauren on February 1, 2021. Assume that the prescribed rate for all of 2021 is 1 percent. Use the number months to calculate the low interest loan benefit. 4 During 2021, Lauren earned a salary of $105,000 as well as commissions of $8,000. The Company withheld the following amounts from her salary: . 5 7 28 29 30 31 32 33 Income Taxes CPP Disability insurance premiums Registered Pension Plan (RPP) Contributions 33,600 3,166 890 1,000 3,600 5 WEL contributed 54,100 on Lauren's behalf to the Company's RPP. 6 WEL provides group medical coverage to all of its employees. The public health plan premiums paid by WEL on Lauren's behalf cost $600 for the year. 7. During the year, Lauren received two non-cash gifts from WEL, a season ski pass worth $1,200 and a Christmas gift certificate to a local spa for $275. Record the gifts separately. If taxable, on the two lines provided 8 WEL provides life insurance coverage to all of its employees. The premiums paid by WEL on Lauren's behalf cost $500 for the year 9: Lauren was granted options to buy 60 of the company's shares at $10 per share when she inined the staff of WF At that time the shares had an assessed fair market value of S14 per 9 Lauren was granted options to buy 60 of the company's shares at $10 per share when she joined the staff of WEL At that time, the shares had an assessed fair market value of $14 per share. On May 10, 2021, the shares are trading at $13 per share. She acquires 60 shares on that date and is still holding these shares on December 31. 6 10 Lauren is a part of the Canadian Mountaineers Association, and paid professional dues of $880 for 2021 7 18 11 Due to a dog sledding accident Lauren breaks her collar bone and was off work for three months during 2021. She received a total of S6,100 in payments from the disability insurance company SO during this period. The premiums are $1000/year and were withheld from Laura's pay 51 52 Show the disability benefit, and premiums separately (if applicable) 59 Show the deductions as negative. Work space related expenditures are as follows: Mortgage Interest (total for 11 months) Utilities (total for 11 months) Home Insurance (total for 11 months) Property Tax (total for 11 months) Office Furniture 9,548 2,728 1,188 5,688 6,553 Total % square footage Total Deduction 25% Other information relevant to 2021 is as follows: Answer 1 Lauren put her house on the market on January 5, 2021, and at the urging of the listing agent, she accepted an offer resulting in a loss on this property. WEL agreed to compensate her for one-half of any loss on the sale of her home. The payment was made on May 30, 2021. Proceeds on sale of home Original cost of home Gain (loss) 309,100 382,100 (73,000) 3 1 2 In order to help Lauren with the purchase of her new townhouse, WEL provided her with a $120,000, 0.6% housing loan. The funds are provided to Lauren on February 1, 2021. 22 Assume that the prescribed rate for all of 2021 is 1 percent. 23 Use the number months to calculate the low interest loan benefit. 2 In order to help Lauren with the purchase of her new townhouse, WEL provided her with a $120,000, 0.6% housing loan. The funds are provided to Lauren on February 1, 2021. Assume that the prescribed rate for all of 2021 is 1 percent. Use the number months to calculate the low interest loan benefit. 4 During 2021, Lauren earned a salary of $105,000 as well as commissions of $8,000. The Company withheld the following amounts from her salary: . 5 7 28 29 30 31 32 33 Income Taxes CPP Disability insurance premiums Registered Pension Plan (RPP) Contributions 33,600 3,166 890 1,000 3,600 5 WEL contributed 54,100 on Lauren's behalf to the Company's RPP. 6 WEL provides group medical coverage to all of its employees. The public health plan premiums paid by WEL on Lauren's behalf cost $600 for the year. 7. During the year, Lauren received two non-cash gifts from WEL, a season ski pass worth $1,200 and a Christmas gift certificate to a local spa for $275. Record the gifts separately. If taxable, on the two lines provided 8 WEL provides life insurance coverage to all of its employees. The premiums paid by WEL on Lauren's behalf cost $500 for the year 9: Lauren was granted options to buy 60 of the company's shares at $10 per share when she inined the staff of WF At that time the shares had an assessed fair market value of S14 per 9 Lauren was granted options to buy 60 of the company's shares at $10 per share when she joined the staff of WEL At that time, the shares had an assessed fair market value of $14 per share. On May 10, 2021, the shares are trading at $13 per share. She acquires 60 shares on that date and is still holding these shares on December 31. 6 10 Lauren is a part of the Canadian Mountaineers Association, and paid professional dues of $880 for 2021 7 18 11 Due to a dog sledding accident Lauren breaks her collar bone and was off work for three months during 2021. She received a total of S6,100 in payments from the disability insurance company SO during this period. The premiums are $1000/year and were withheld from Laura's pay 51 52 Show the disability benefit, and premiums separately (if applicable) 59 Show the deductions as negative. Work space related expenditures are as follows: Mortgage Interest (total for 11 months) Utilities (total for 11 months) Home Insurance (total for 11 months) Property Tax (total for 11 months) Office Furniture 9,548 2,728 1,188 5,688 6,553 Total % square footage Total Deduction 25%