Question
Prepare a 2017 T1 Return given the following information: Complete the T1 Income Tax Return and any relevant Schedules. Name: Mr. Henry Connor Age: 58
Prepare a 2017 T1 Return given the following information: Complete the T1 Income Tax Return and any relevant Schedules.
Name: Mr. Henry Connor Age: 58 Years Old Province: Saskatchewan
Gross Salary from Employment | $78,990 |
+ Cash Bonus Received in 2017 | $19,748 |
Total | $98,738 |
Union Dues Paid by Taxpayer | $693 |
RPP Contributions by Taxpayer | $562 |
RPP Contributions by Employer | $533 |
EI Withheld from Employment Cheque | $836 |
CPP Withheld from Employment Cheque | $2,564 |
Income Tax Withheld from Employment Cheque | $24,685 |
T5 - Bank Interest Income Received | $1,282 |
Withdraws from RRSP Account (T4RSP Slip)* | $7,200 |
* During the year, the taxpayer had cash flow issues and decided to cash in a portion of their RRSP in a lump sum
Additional Information:
Spouse: Name: Maggie Connor
Age of Spouse: 60 Years Old Mentally or Physically Infirm? No
(Note: If infirm, not severe enough to qualify for disability tax credit)
Sources of Income: $10,484 Interest Income Attended Post Secondary Institution.
4 Full Time Months 4 Part Time Months
$9,145 Tuition Paid in Year
Additional Information (continued):
Son: George Connor |
|
|
Age of Son: | 10 | |
Enrolled in Sports? | Yes | $276 Paid for Fees |
Sources of Income: |
| $0 None |
Monthly Cost of Bus Passes: $34 Monthly Paid Passes were purchased each month January to December.
Mother-in Law: Name: Margaret Carter Lives_in_a_Nursing_Home
(Note: Mother-in-Law relies on you for support)
Age of Mother-in-Law 88
Mentally or Physically Infirm? Yes
(Note: If infirm, not severe enough to qualify for disability tax credit)
Sources of Income: | $7,040 | Old Age Security |
| $2,193 | CPP Payments Received |
| $2,238 | RPP Received |
Medical Expenses: The following expenses were incurred for the 2017 tax year:
Mr. Connor | $1,243 | Dental Visit |
Spouse | $640 | Prescription Drugs |
Spouse | $449 | Botox Injections |
Son | $645 | Doctor Visit |
Donations: Registered_Charity $824 $ Donated**
** Assume taxpayer has donated in prior years
REQUIRED: Prepare a 2017 T1 Return given the above information.
Complete the T1 Income Tax Return and any relevant Schedules.
When preparing the return, assume that any tax credits that may be transferred to Mr. Connor are.
For simplicity, ignore provincial taxes.
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