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Prior to 2019. Mrs. Jessica Cartwright has had two capital gains and one capital loss. In 2014, she had a capital gain of $18,000 and
Prior to 2019. Mrs. Jessica Cartwright has had two capital gains and one capital loss. In 2014, she had a capital gain of $18,000 and in 2016, she had a capital gain of $54,000. Both of these gains were on dispositions of shares in a qualified small business corporation. Given this, she used her ITA 110.6 lifetime capital gains deduction to eliminate the taxable amount of these gains. She has a net capital loss carry forward balance of $30,000. This resulted from a 2017 capital loss of $60,000. She intends to deduct this carry forward in 2019. She has never experienced a Business Investment Loss. During 2019, she has a $748,000 capital gain on the sale of shares in a qualified small business corporation. Ms. Cartwright has a CNIL balance on December 31, 2019 of $23,000. Determine Ms. Cartwright's maximum lifetime capital gains deduction for 2019. Provide all of the calculations required to determine the maximum ITA 110.6 deduction
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