PROFILE: Anna Smith - SIN 400 636 718

*note: any tax reporting considerations not explicitly stated in the profile should be assumed to not be applicable in this case scenario (eg. First Nations status, capital gains, dependents, etc.)

Anna Smith was born January 25, 1990, was born and raised in Canada, is currently single and graduated from George Brown College several years ago. She lives in Toronto and rents a 600 square foot apartment for $800/month which includes all of her utilities. Her address, where she has lived for the last few years, is:

160 Kendal Ave

Toronto, Ontario, M5R 1M3

Anna has worked all year for the company Long View Systems as an IT systems analyst and she was paid an annual salary. She has received a T4 slip from her employer that she will use for her tax reporting.

When Anna graduated from George Brown, her parents gave her some money as a graduation present. Because Anna hasnt decided yet if she wants to use the money to put a down payment on a house, pay down her student loans or go on a trip, she is just keeping the money in her PC Financial savings account for now. This year she earned some interest income on that money in her savings account and so she has also received a T5 from PC Financial, which she will use when filing her tax return.

However, she did decide to put some of the money into her RRSP this year. Although her limit from her notice of assessment from last year was $2,200 she decided to deposit a bit less than that into her RRSP account for now.

Unfortunately Annas grandfather passed away this past spring from prostate cancer and so she decided to make a charitable donation for the first time in her life. She donated some money to the Movember fundraising campaign for prostate cancer to honor her grandfather.

One thing that has been stressing Anna out is her OSAP loan which she borrowed to help pay for her studies at GBC. This year she paid interest on her loan, but thankfully she knows the government gives some sort of tax break on that.

But also, that the Ontario government had some extra tax benefit called the Trillium Benefit where she could claim her rental costs for her apartment. Shes planning to fill out the form and also use the on-line calculator to get an estimate of what that payment might be this year and whether she still qualifies since her income has increased. Of course shes also going to apply for the Climate Action Incentive to see if she can get more credit money there too.

Thankfully, Anna has kept a shoebox with all of her relevant receipts and documents so that she can now sit down and figure out her tax return.

BONUS COMPONENT (optional)

In addition, this year she has started to do some private consulting work and from that she earned an additional $13,225 in professional income this year. Anna has not been setting aside any of that income to account for the taxes that she will have to pay on that income and so she is nervous about owing a large amount in taxes that she is not prepared for. Luckily, because she earned less than $30,000 this year it was okay that she didnt charge or collect any HST for her services because her self-employment income is below the applicable limit, but she might have to reconsider that for the future.

When Anna decided to begin working for herself, she set up a home office in the extra bedroom in her apartment, which is approximately 150 square feet.

She also made the decision to invest in a home computer from Best Buy that she would use only for professional purposes. Even though the new computer was expensive, Anna felt it was a good investment since she could claim the cost as a business expense. However, a friend told her that since she will be using the computer for several years, she cant claim the total bill all at once but that she needs to check the CCA class and rate to know how much she can claim. From her research she has learned that her computer is in CCA class 50 and therefore at a CCA rate of 55% - somewhere on the self-employment tax form there is a table to help her use this information calculate what she can claim this year.

Anna also plans to claim part of her phone and internet bill as a business expense since she has been using them for business and personal use - a 50/50 split. She knows that, like her rent, there is a way to claim these sorts of things that are partly her home and partly her business. Otherwise she hasnt had any other real business expenses.

But, Anna does know that her self-employment will complicate her CPP payments and also that shell have to contribute some extra money to E.I. as well so shell have a few extra forms, to fill out. Shell also have to be sure to claim only the personal part of her rent expenses when she applies for the Trillium Benefit since a friend of hers got audited for forgetting to subtract the home office portion she had claimed. Not to mention that whole new self-employment form to

FINANCIAL P. 0 BOX 603. STN ACINCOURT SCARBOQOUGA: ON AIS 5K9 ANNA SMITH 160 Kendal Ave Toronto ON M5R 1M3 I4 I ANNA SMITH CIBC DIBFCT aANKING DIVISION 160 Kendal Ave Toronto ON MSR 1M3 FINANCIAL SCARBOX 603. STN AGINCOURT SCARBOROUGA:, ON RIS 5kg ANNA SMITH 160 Kendal Ave Toronto ON M5R 1M3 ANNA 5MITH CIBC DIAECT BANKING DIVISION 160 Kendal Ave PO BOX 645. STN AGINCOURT SCARBORDUGH, ON is 513 ANNA SMITH CIBC DIRECT BANKING DIVISION 160 Kendal Ave PO BOX 6.5. STN AGINCOURT SCAMBRDUGH, ON M1S ST3 Toronto ON MSR 1M3 \begin{tabular}{l} \hline MOVEMBER \\ OFFICIAL DONATION RECEIPT \end{tabular} OFFICAL RECEPT FOR INCOME TAX PURPOSES Anna Smith 160 Kendall Ave Toronto ON M5R 1M3 Donation Detalis: Donations are tax deductble to the extent permitted by taw Authorized Signature Adam Garone Chlef Executive Officer, Movember Movember - changing the tace of men's health Movember Canada Charity BN/Rogistration I BN 848215604 RRD001 Sulte B01, 119 Spadina Avenue Toronto, ON M5V 2L1 Place lssued: Toronto Date lssued: 05 November 202x Canada Revenue Agency - yawcuctibate gecalcharities To learn more about Movember's men's healh partner Prostate Cancer Canada vist camousmbercomhboutheneffiamed. REGISTERED RETIREMENT SAVINGS PLAN The Gonerament of Canada provides an lnoome Tax credit for the intcrest paid on government sponsorad student loans This receipt shows the interest you have paid on your student loans held at the Nationat Tax Rcturm. Payments applied to loan principal and payments made by the governencnt on your behalf (eg. Repaymont Assistance) do not qualify for an lacome Tar credit. Note If you have loans with more than onc loan servicer, you may recerve more than one lacome Tax receipt. Please refer to your Incone Tax Guide, or contact the Canada Revanuc Agency for details on how to cnter these amounts on your income tax retum. Soxial Invurance Numher: 400636718 Canada-Ontaris Intesrated Student Laan t Interect paid by yoe during receipt period 5 2,195, is Expense--Rent-Check-202X(1).jpg *:000000186: 0000005297000 INCOME TAX ASSIGNMENT Purpose The purpose of this assignment is to familiarize students with the process of filing personal income taxes in Ontario in order to build their capacity and confidence for undertaking this annual task independently, and also to build awareness of tax considerations and consequences in order to better enable better tax planning and financial life choices. The assignment is designed to encompass a variety of common financial elements, which students may encounter in their own tax reporting, currently and/or in the future. Format This assignment will consist of a series of fill-in-the-blank questions on blackboard which students will be able to answer by completing 2021 personal income tax forms for a fictional individual named "Anna Smith" according to a fictional profile of her finances from 2021. Blanks to be filled in for the assignment will match blanks to be completed on the tax forms. Alongside the fictional profile, students will be provided with examples of relevant financial documents that would be consulted for tax reporting and links to access the relevant downloadable tax forms (available in various formats, including fillable/saveable). Additionally, students are provided with tax forms which include supportive notes as well as three government published tax guides to assist them in their completion of the assignment. Students are encouraged to seek out and take advantage of any and all supports available to them as someone attempting to complete income tax reporting in Ontario. However, as with real-world tax reporting, responsibility for the accuracy of the report remains with the individual. Assignment submission will consist of the accurately answered questions relating to the completed relevant tax forms, according to the profile and all documents provided. Students may make an unlimited number of submission/attempts with only the highest grade achieved to be counted. There are 20 questions, each question is worth 1 point with the full assignment being worth 20% of the final grade. BONUS! Students have the option of completing an additional bonus component of the assignment for the chance at 5 bonus marks ( 5% of final grade). The bonus component will require students to complete all the same forms while accounting for an additional element of self-employment income, as well as completing two extra forms that will require approximately 10 additional questions to be answered worth 1/2 a point each. FINANCIAL P. 0 BOX 603. STN ACINCOURT SCARBOQOUGA: ON AIS 5K9 ANNA SMITH 160 Kendal Ave Toronto ON M5R 1M3 I4 I ANNA SMITH CIBC DIBFCT aANKING DIVISION 160 Kendal Ave Toronto ON MSR 1M3 FINANCIAL SCARBOX 603. STN AGINCOURT SCARBOROUGA:, ON RIS 5kg ANNA SMITH 160 Kendal Ave Toronto ON M5R 1M3 ANNA 5MITH CIBC DIAECT BANKING DIVISION 160 Kendal Ave PO BOX 645. STN AGINCOURT SCARBORDUGH, ON is 513 ANNA SMITH CIBC DIRECT BANKING DIVISION 160 Kendal Ave PO BOX 6.5. STN AGINCOURT SCAMBRDUGH, ON M1S ST3 Toronto ON MSR 1M3 \begin{tabular}{l} \hline MOVEMBER \\ OFFICIAL DONATION RECEIPT \end{tabular} OFFICAL RECEPT FOR INCOME TAX PURPOSES Anna Smith 160 Kendall Ave Toronto ON M5R 1M3 Donation Detalis: Donations are tax deductble to the extent permitted by taw Authorized Signature Adam Garone Chlef Executive Officer, Movember Movember - changing the tace of men's health Movember Canada Charity BN/Rogistration I BN 848215604 RRD001 Sulte B01, 119 Spadina Avenue Toronto, ON M5V 2L1 Place lssued: Toronto Date lssued: 05 November 202x Canada Revenue Agency - yawcuctibate gecalcharities To learn more about Movember's men's healh partner Prostate Cancer Canada vist camousmbercomhboutheneffiamed. REGISTERED RETIREMENT SAVINGS PLAN The Gonerament of Canada provides an lnoome Tax credit for the intcrest paid on government sponsorad student loans This receipt shows the interest you have paid on your student loans held at the Nationat Tax Rcturm. Payments applied to loan principal and payments made by the governencnt on your behalf (eg. Repaymont Assistance) do not qualify for an lacome Tar credit. Note If you have loans with more than onc loan servicer, you may recerve more than one lacome Tax receipt. Please refer to your Incone Tax Guide, or contact the Canada Revanuc Agency for details on how to cnter these amounts on your income tax retum. Soxial Invurance Numher: 400636718 Canada-Ontaris Intesrated Student Laan t Interect paid by yoe during receipt period 5 2,195, is Expense--Rent-Check-202X(1).jpg *:000000186: 0000005297000 INCOME TAX ASSIGNMENT Purpose The purpose of this assignment is to familiarize students with the process of filing personal income taxes in Ontario in order to build their capacity and confidence for undertaking this annual task independently, and also to build awareness of tax considerations and consequences in order to better enable better tax planning and financial life choices. The assignment is designed to encompass a variety of common financial elements, which students may encounter in their own tax reporting, currently and/or in the future. Format This assignment will consist of a series of fill-in-the-blank questions on blackboard which students will be able to answer by completing 2021 personal income tax forms for a fictional individual named "Anna Smith" according to a fictional profile of her finances from 2021. Blanks to be filled in for the assignment will match blanks to be completed on the tax forms. Alongside the fictional profile, students will be provided with examples of relevant financial documents that would be consulted for tax reporting and links to access the relevant downloadable tax forms (available in various formats, including fillable/saveable). Additionally, students are provided with tax forms which include supportive notes as well as three government published tax guides to assist them in their completion of the assignment. Students are encouraged to seek out and take advantage of any and all supports available to them as someone attempting to complete income tax reporting in Ontario. However, as with real-world tax reporting, responsibility for the accuracy of the report remains with the individual. Assignment submission will consist of the accurately answered questions relating to the completed relevant tax forms, according to the profile and all documents provided. Students may make an unlimited number of submission/attempts with only the highest grade achieved to be counted. There are 20 questions, each question is worth 1 point with the full assignment being worth 20% of the final grade. BONUS! Students have the option of completing an additional bonus component of the assignment for the chance at 5 bonus marks ( 5% of final grade). The bonus component will require students to complete all the same forms while accounting for an additional element of self-employment income, as well as completing two extra forms that will require approximately 10 additional questions to be answered worth 1/2 a point each