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COMPREHENSIVE CASE STUDY-2021-2022 You are required to prepare personal income in areas part of the evaluation components for this. The case study covers the Tule leamed in this course. The facts you must below The completed tax returns must bewed a few webfore the end of the course no later than the date indicated on the Course Schl. strong recommend you start working on the tas turns on the course and how until the case study becomes e This is a comprise and you should expect it will take you several days a week to properly complete setssly takes a few days to obtain the one to download the tree tax software provided with this courses below. so whead The publisher of the took for this course de mangements with trat Canada lo tuve a professional selfmade available of the software that you register Canada This process of to student courseThe y explained in detail in a separate message pored in the Case Study formon the Discussion Board as well as an Ayiah REQUIRED Using a tax preparation software-preferably the Profile solare that provided free of charge by Canada to soft and the facts given below.complete tax return Form for Code for the 2001 taxation year, including relevant schedules for worses Form T2125 for the calculation of business GSTST pesta You must be the completed toxuntores rough the Case Studynk one 2021 version of the Profesores De notach the Profile programele called profile exe" as the file does not contain the data for the tax returns you prepared No marka will be given for the Profil program by mal You can use another software than Profile you prefer the purpose of this exercise is to work with a tax software de manich one you. If you decide to another schware than you must submit a real copy of the entire tax rebum with a relevant schedules, forms and worksheets ega pot copy cannot rette formatica grade and to make can be seen for your work have posted on the DiscoBareformed Comprehensive Tax Retum Case Study to help you with the ment. There is no Share Assignment Proton Fourney ate message practice tax retum suggested you do before doing this assignment Tax on the Discussion Board in the Case Study forum for further das INFORMATION TO USE FOR THE TAX RETURN CASE STUDY. James Doode decided to this business in 2020 herrering from the Canadian Armed Forces. Since 2010. My pension payments from his former employer's persona James business sole proprietorship consists of a motorcycle shop on Jan Special Bike Shop teling and repairing motorcycles by code482201 James hired you to prepare his personal for the 2025 James wants to pay the very powdedinhocaly valoble. Attached on Appende showing the eart Franciaormation puited from the accounting cards for James business. The amounts shown have been added for purposes. Jameed you to identify which oms are allowed for tax purposes to complets in Canada Tax formes received are included on DeceSuy links are documents confirming the various of comedord below for the year Rutes Informatie James was born on November 1, 1971 Heade tu cuery is one at 123 Main Street Arytown, Ontario, KOHTO James Social Insurance Number (SIN) is $27.000-145 During 2021. James received by person payments from his former employer's pension plan for a person income of $40.000-see TAA attached issued to James for 2016 encome tax of $5.000 Wilheld at our on that pension comes to 22 of the TUA James has spousal support obligations from po martage Hels required to pay $1,000 per month to this for spouse Mary Doodle SIN S27. 000-12%) in cordance with a court order. During the 2021. James was only able to pay 7 months worth of support Jamesh other dependents Jums made $2.000 charle donations the Red Cross on une 1, 2021 Finally, James paid federal income tax istmes of 5.000 quart to the CRA throughout the year 2021, ora 120.000 APPENDIX Accounting Information for 2001 James Specialty Bike Shop 15 Beves Motorcycle and Parts Sales $450.000 Expen Purchase o inventory parts and supplies (Note 1) Gol de 2) Fines and pattern (Note Insurance Note 4) General officers Home Office expenses Note) Salaries Employer contributions to CPP and El Depreciation Note LOSS on sale of equipment) Truck experie) Total Expenses Net Income for counting $135.000 5.000 10,000 5.000 3.000 3.012 58.000 41.908 8.250 5.200 $278.100 3171.150 3.000 Invertory on December 31, 2021 was $35.000 2021 $15,000. The desing Note 2: James the local gou to find new customers. The membership cost was 55.000 for the year Note 3 2020 the business was sued for selling branded motorcycle parts without proper authorization from the brand owner. In 2021, James reached an out-of-court settlement with the brand owner which provides that are wil paya perally of 10,000 for pre-2021 transactions that were complete without proper duration in exchange for the brand owner dropping the charges against him. The penalty was paid nur 1.2021. The agreement who provided that James would enter to a new distributorship agreement with the brand cenerellective January 1, 2021 - see Note 7 below for further details undertages Note 4. The insurance expense includes the cost of the truck ince of $2.000 -- Note 7 below 1800 Notes Starting awary 1, 2021. James moved the bookkeeping office from the shop to a room in his personal home. The room represents 12% of the 1.000 m home that was sete for his evento perform bookkeeping functions. The home has a cost of $500,000. Below are the cos for 2025 relating to the home office space Home Insurance $1.500 Interest on mortgage $8.50 Progenyes $5.200 Homelephone line 55.100 Maintenance and repairs $4.000 TOTAL 525. 100 x 12653.012 Note: The following the information relating to the fondet of the business Building. The buildings 3.000 sm located at 124 Main Street, Anytown, ON A third (1/3) of the surface is used as a showroom for the customised motorcycles The rest of the building (2/3) is used as a shop for mechanic and customization work. The building was constructed on March 1, 2020 at a cost of $195.000. The UCC for tax purposes class 1) at the beginning of 2021 was $177.450 Track The truck is a Ford F150 extended cab pick up the James used for both business and personal purposes - Note 7 for operating costs. The truck purchased on June 1, 2020 at a cost of $55.000. For tax purposes, marinum CCA was deduced in 2020 laringa UCC blance on January 1, 2023 $16.500 Other Table Asset The following relate to the other for assessed in the business other hangt CCA UCC Balance Description Jan 1.2021 Customizing tools and equipment class 3 50 Computer- ated design court case 12 $7.500 Computer class 50 5613 Class 53 Customizing tools were acquired on March 1, 2020 at a total cost of $12,000. For tax purposes, maximum CCA was deducted in 2020 leaving a UCC balance on January 1, 2021 of $0. Additional new equipment was acquired on December 1, 2021 at a cost $45,000. Class 12 Computer-assisted design (CAD) software was acquired on April 1, 2020 at a cost of $15,000. For tax purposes, maximum CCA was deducted in 2020 leaving a UCC balance on January 1, 2021 of $7,500. During 2021, James decided to replace the CAD software because it was not performing well enough for the demands of his growing business. A new more powerful CAD software was purchased on March 1, 2021 at a cost of $55,000. The vendor of the new equipment accepted to take the old equipment in exchange. A trade allowance of $3,000 was received for the old equipment. The net book value for accounting purposes was $11,250 resulting in a loss of $8,250 included in the total expenses for accounting purposes for the year. Class 50 Computer hardware was acquired on March 1, 2020 at a total cost of $3,500. For tax purposes, maximum CCA was deducted in 2020 leaving a UCC balance on January 1, 2021 of $613. No further additions were made in 2021. Intangible Assets: On January 1, 2021, James signed a new 25-year distributorship agreement with the owner of a well-known motorcycle brand. James paid $100,000 to obtain the 25-year license, which is effective January 1, 2021 and expires on December 31, 2044. Note 7: James has a truck that he uses for both business and personal purposes. Total distance driven for the year was 29,500km of which 90% were for business (26,550km). Total truck expenses for 2021 paid by the business were as follows (included in the financial information above): Insurance $2,000 Fuel $3,200 Maintenance $2,500 T4A man Panaman dan CAF REGISTERED PENSION PLAN 101 COLONEL BY DRIVE OTTAWA ONTARIO KIA K2 00 XXXXXXXXXXXXX DO 12700045 Honoraneamento DOODE JAMES 123 MAIN STREET ANYTOWN, ONTARIO KOHTO TAAR CA REGISTERED PENSION PLAN 101 COLONEL BY DRIVE OTTAWA, ONTARIO KIA OKA T4A Solomon that DEPARTMENT XXOOOOOOOOOOOOXX 40.00 5.000.00 527900 148 os DOODE JAMES 123 MAIN STREET ANYTOWN, ONTARIO iHiHiHiH . . COMPREHENSIVE CASE STUDY-2021-2022 You are required to prepare personal income in areas part of the evaluation components for this. The case study covers the Tule leamed in this course. The facts you must below The completed tax returns must bewed a few webfore the end of the course no later than the date indicated on the Course Schl. strong recommend you start working on the tas turns on the course and how until the case study becomes e This is a comprise and you should expect it will take you several days a week to properly complete setssly takes a few days to obtain the one to download the tree tax software provided with this courses below. so whead The publisher of the took for this course de mangements with trat Canada lo tuve a professional selfmade available of the software that you register Canada This process of to student courseThe y explained in detail in a separate message pored in the Case Study formon the Discussion Board as well as an Ayiah REQUIRED Using a tax preparation software-preferably the Profile solare that provided free of charge by Canada to soft and the facts given below.complete tax return Form for Code for the 2001 taxation year, including relevant schedules for worses Form T2125 for the calculation of business GSTST pesta You must be the completed toxuntores rough the Case Studynk one 2021 version of the Profesores De notach the Profile programele called profile exe" as the file does not contain the data for the tax returns you prepared No marka will be given for the Profil program by mal You can use another software than Profile you prefer the purpose of this exercise is to work with a tax software de manich one you. If you decide to another schware than you must submit a real copy of the entire tax rebum with a relevant schedules, forms and worksheets ega pot copy cannot rette formatica grade and to make can be seen for your work have posted on the DiscoBareformed Comprehensive Tax Retum Case Study to help you with the ment. There is no Share Assignment Proton Fourney ate message practice tax retum suggested you do before doing this assignment Tax on the Discussion Board in the Case Study forum for further das INFORMATION TO USE FOR THE TAX RETURN CASE STUDY. James Doode decided to this business in 2020 herrering from the Canadian Armed Forces. Since 2010. My pension payments from his former employer's persona James business sole proprietorship consists of a motorcycle shop on Jan Special Bike Shop teling and repairing motorcycles by code482201 James hired you to prepare his personal for the 2025 James wants to pay the very powdedinhocaly valoble. Attached on Appende showing the eart Franciaormation puited from the accounting cards for James business. The amounts shown have been added for purposes. Jameed you to identify which oms are allowed for tax purposes to complets in Canada Tax formes received are included on DeceSuy links are documents confirming the various of comedord below for the year Rutes Informatie James was born on November 1, 1971 Heade tu cuery is one at 123 Main Street Arytown, Ontario, KOHTO James Social Insurance Number (SIN) is $27.000-145 During 2021. James received by person payments from his former employer's pension plan for a person income of $40.000-see TAA attached issued to James for 2016 encome tax of $5.000 Wilheld at our on that pension comes to 22 of the TUA James has spousal support obligations from po martage Hels required to pay $1,000 per month to this for spouse Mary Doodle SIN S27. 000-12%) in cordance with a court order. During the 2021. James was only able to pay 7 months worth of support Jamesh other dependents Jums made $2.000 charle donations the Red Cross on une 1, 2021 Finally, James paid federal income tax istmes of 5.000 quart to the CRA throughout the year 2021, ora 120.000 APPENDIX Accounting Information for 2001 James Specialty Bike Shop 15 Beves Motorcycle and Parts Sales $450.000 Expen Purchase o inventory parts and supplies (Note 1) Gol de 2) Fines and pattern (Note Insurance Note 4) General officers Home Office expenses Note) Salaries Employer contributions to CPP and El Depreciation Note LOSS on sale of equipment) Truck experie) Total Expenses Net Income for counting $135.000 5.000 10,000 5.000 3.000 3.012 58.000 41.908 8.250 5.200 $278.100 3171.150 3.000 Invertory on December 31, 2021 was $35.000 2021 $15,000. The desing Note 2: James the local gou to find new customers. The membership cost was 55.000 for the year Note 3 2020 the business was sued for selling branded motorcycle parts without proper authorization from the brand owner. In 2021, James reached an out-of-court settlement with the brand owner which provides that are wil paya perally of 10,000 for pre-2021 transactions that were complete without proper duration in exchange for the brand owner dropping the charges against him. The penalty was paid nur 1.2021. The agreement who provided that James would enter to a new distributorship agreement with the brand cenerellective January 1, 2021 - see Note 7 below for further details undertages Note 4. The insurance expense includes the cost of the truck ince of $2.000 -- Note 7 below 1800 Notes Starting awary 1, 2021. James moved the bookkeeping office from the shop to a room in his personal home. The room represents 12% of the 1.000 m home that was sete for his evento perform bookkeeping functions. The home has a cost of $500,000. Below are the cos for 2025 relating to the home office space Home Insurance $1.500 Interest on mortgage $8.50 Progenyes $5.200 Homelephone line 55.100 Maintenance and repairs $4.000 TOTAL 525. 100 x 12653.012 Note: The following the information relating to the fondet of the business Building. The buildings 3.000 sm located at 124 Main Street, Anytown, ON A third (1/3) of the surface is used as a showroom for the customised motorcycles The rest of the building (2/3) is used as a shop for mechanic and customization work. The building was constructed on March 1, 2020 at a cost of $195.000. The UCC for tax purposes class 1) at the beginning of 2021 was $177.450 Track The truck is a Ford F150 extended cab pick up the James used for both business and personal purposes - Note 7 for operating costs. The truck purchased on June 1, 2020 at a cost of $55.000. For tax purposes, marinum CCA was deduced in 2020 laringa UCC blance on January 1, 2023 $16.500 Other Table Asset The following relate to the other for assessed in the business other hangt CCA UCC Balance Description Jan 1.2021 Customizing tools and equipment class 3 50 Computer- ated design court case 12 $7.500 Computer class 50 5613 Class 53 Customizing tools were acquired on March 1, 2020 at a total cost of $12,000. For tax purposes, maximum CCA was deducted in 2020 leaving a UCC balance on January 1, 2021 of $0. Additional new equipment was acquired on December 1, 2021 at a cost $45,000. Class 12 Computer-assisted design (CAD) software was acquired on April 1, 2020 at a cost of $15,000. For tax purposes, maximum CCA was deducted in 2020 leaving a UCC balance on January 1, 2021 of $7,500. During 2021, James decided to replace the CAD software because it was not performing well enough for the demands of his growing business. A new more powerful CAD software was purchased on March 1, 2021 at a cost of $55,000. The vendor of the new equipment accepted to take the old equipment in exchange. A trade allowance of $3,000 was received for the old equipment. The net book value for accounting purposes was $11,250 resulting in a loss of $8,250 included in the total expenses for accounting purposes for the year. Class 50 Computer hardware was acquired on March 1, 2020 at a total cost of $3,500. For tax purposes, maximum CCA was deducted in 2020 leaving a UCC balance on January 1, 2021 of $613. No further additions were made in 2021. Intangible Assets: On January 1, 2021, James signed a new 25-year distributorship agreement with the owner of a well-known motorcycle brand. James paid $100,000 to obtain the 25-year license, which is effective January 1, 2021 and expires on December 31, 2044. Note 7: James has a truck that he uses for both business and personal purposes. Total distance driven for the year was 29,500km of which 90% were for business (26,550km). Total truck expenses for 2021 paid by the business were as follows (included in the financial information above): Insurance $2,000 Fuel $3,200 Maintenance $2,500 T4A man Panaman dan CAF REGISTERED PENSION PLAN 101 COLONEL BY DRIVE OTTAWA ONTARIO KIA K2 00 XXXXXXXXXXXXX DO 12700045 Honoraneamento DOODE JAMES 123 MAIN STREET ANYTOWN, ONTARIO KOHTO TAAR CA REGISTERED PENSION PLAN 101 COLONEL BY DRIVE OTTAWA, ONTARIO KIA OKA T4A Solomon that DEPARTMENT XXOOOOOOOOOOOOXX 40.00 5.000.00 527900 148 os DOODE JAMES 123 MAIN STREET ANYTOWN, ONTARIO iHiHiHiH