PROBLEM 4 (Chapter 10) Albert is 63 years old and retired from his employment with Trytech Inc., a Canadian public corporation, on October 31, 2016. Albert has asked you to help him prepare his 2016, tax return and to advise him on certain other tax matters. Information regarding his financial activities for 2016 is summarized below. 1.Albert's gross salary to October 31, 2016, was $80,000. From this amount, Trytech deducted income tax of $21,000 and CPP and EI of S3,502. In addition to salary, Trytech paid S9,500 into Albert's registered pension plan (RPP). During the year, until October 31, 2016, Albert had the use of the employer's automobile. Trytech paid the monthly lease cost of S600 plus monthly operating expenses of $200. Albert drove the car a total 6,000 km, of which 4,000 km was for personal u 2. Albert suffered an illness in 2016 and was off work for six weeks. During this period, the employer's group sickness and accident insurance policy paid Albert $6,000 for lost salary. The entire premium of $500 was paid by Trytech in 2016. Due to his illness, Albert incurred and paid medical expenses of S3,300 in 2016 In 2014, Trytech granted Albert an option to acquire up to 5,000 of its shares at $9 per share. At that time, the shares were trading at the same price. In January 2016, he purchased 2,000 shares when they were trading at $12.50 per share. He purchased an additional 1,200 shares in July 2016, when they were trading at S14 per share. In November 2016, Albert sold 2,000 shares at $18 per share after receiving a cash dividend (Eligible) of S1,200 In 2015, as a sideline, Albert began constructing oak tables and chairs for sale. He hoped to generate a small profit and keep himself occupied during his retirement. He made his first sales in 2016, which resulted in a loss of $7,660. This excludes amortization but includes a deduction of $4,200 for the full cost of woodworking equipment purchased in 4 5. On January 2, 2016, Albert gifted his stamp collection to his grandson. He had acquired the collection over the past 15 years at a cost of S8,000. The collection has recently been appraised at $14,000. At the same time, he gifted a convertible bond valued at $20,000 to his wife. The bond had been purchased in 2011 for $16,000 PROBLEM 4 (Chapter 10) Albert is 63 years old and retired from his employment with Trytech Inc., a Canadian public corporation, on October 31, 2016. Albert has asked you to help him prepare his 2016, tax return and to advise him on certain other tax matters. Information regarding his financial activities for 2016 is summarized below. 1.Albert's gross salary to October 31, 2016, was $80,000. From this amount, Trytech deducted income tax of $21,000 and CPP and EI of S3,502. In addition to salary, Trytech paid S9,500 into Albert's registered pension plan (RPP). During the year, until October 31, 2016, Albert had the use of the employer's automobile. Trytech paid the monthly lease cost of S600 plus monthly operating expenses of $200. Albert drove the car a total 6,000 km, of which 4,000 km was for personal u 2. Albert suffered an illness in 2016 and was off work for six weeks. During this period, the employer's group sickness and accident insurance policy paid Albert $6,000 for lost salary. The entire premium of $500 was paid by Trytech in 2016. Due to his illness, Albert incurred and paid medical expenses of S3,300 in 2016 In 2014, Trytech granted Albert an option to acquire up to 5,000 of its shares at $9 per share. At that time, the shares were trading at the same price. In January 2016, he purchased 2,000 shares when they were trading at $12.50 per share. He purchased an additional 1,200 shares in July 2016, when they were trading at S14 per share. In November 2016, Albert sold 2,000 shares at $18 per share after receiving a cash dividend (Eligible) of S1,200 In 2015, as a sideline, Albert began constructing oak tables and chairs for sale. He hoped to generate a small profit and keep himself occupied during his retirement. He made his first sales in 2016, which resulted in a loss of $7,660. This excludes amortization but includes a deduction of $4,200 for the full cost of woodworking equipment purchased in 4 5. On January 2, 2016, Albert gifted his stamp collection to his grandson. He had acquired the collection over the past 15 years at a cost of S8,000. The collection has recently been appraised at $14,000. At the same time, he gifted a convertible bond valued at $20,000 to his wife. The bond had been purchased in 2011 for $16,000