Profile Assignment Peter Piper is a salesman who has been very successful at his job in the past few years. Unfortunately, his family life has had some challenges. Peter and his wife Peggy, adopted their grandson, Paul, after a tragic accident which left Paul without his parents. Paul is blind, and also has major health problems. Peggy is not working at the present time, she cares for Paul, as well as her mother, Paula, who also lives with them. Paula suffers from severe depression. Paula's family doctor has signed a letter stating that she is dependent on Peter and Peggy, because of her mental impairment. Peggy's parents were divorced many years ago, when her father Phillip, suffered enormous losses in the stock market. They were forced to sell their home and Phillip moved to Mexico. He phones periodically to request money from Peggy. Peter's brother Max, competed an alcohol rehabilitation program after being fired for drinking on the job. He is also living with Peter and Peggy while he is enrolled as a full time student at Humber College. Peter is paying for his tuition and Max has agreed to transfer any available education related amounts to Peter. Peter Piper receives a salary and commissions from his Job at ACB Computing Limited. His employer requires him to use his car for business purposes as well as requiring him to have a home office. He gets a car allowance, in addition to his salary, of $300 per month. His employer signed a T2200 stating this. Personal Information: Mr Peter Piper SIN 499 499 499 Date of Birth June 25, 1956 Marital status: Married Canadian citizen YES Provide information to Elections Canada YES Own foreign property of more than $100,000 Cdn Address: 150 Humber College Blvd, Toronto ON M1M1M1 Phone number 416-675-6612 NO Spouse Peggy Piper SIN Date of Birth Net Income 994 994 994 Jan 18, 1959 $6,000 Business incomes Universal Child Benefit $600 Child: Grandson Paul SIN 527 000 517 Date of Birth: Mar 22, 2010 Net income: During the year, Paul was enrolled in a Children's Art Program which cost $1000. NIL Mother in law: Paula Smith SIN Date of birth: Net Income: 517-000-483 Feb 10, 1940 $6,500 OAS, $2,500 CPP Father in law: Phillip Smith SIN none Date of birth: Jan 5, 1935 Net income: NIL Brother: Max Piper SIN 527-000-533 Date of Birth: April 8, 1958 Net income: $9,000 Max's Tuition fees (T2202A) Tuition fees paid for Humber College $6,000 No of mths in school part time 2 No of mths in school full time 6 During the year, Max was arrested in Mexico, Peggy had to spend five weeks in Mexico and $2,000 in legal fees to get him released from jail. Peter had to pay Nannies on Call $3500 for in home help to care for Paul while she was gone. Peter's T4 information (ABC Computing): Salary (Box 14) $240,000 Commission (Box 14) $ 40,000 Flat rate car allowance (Box 14) $ 3,900 CPP deducted (Box 16) $ 2,900 El deducted (Box 18) $ 900 Charitable donations deducted (Box 46) $ 500 Registered pension plan deducted (Box 20) $ 4,500 Pension Adjustment (Box 52) $ 9,000 Income tax deducted (box 22) $ 90,000 During the year, ABC Computing reimbursed Peter $3,888 for meals and entertainment with clients, $2,268 for hotels and $4,825 for airline tickets. Group health and dental premiums paid by Peter during the year $2,300 Car expenses that Peter incurred during the year Gas/oil $ 6,000 Repairs $ 1,300 License $ 200 Insurance $ 1,200 Cost of vehicle purchased in the year $45,000 Personal Km's driven 12,000 Business Km's driven 20,000 During the year Peter purchased a new computer and software that was used solely in his home office for employment related purposes. The computer cost $1,500 and the software programs cost $1,500 Work space in his home Home office Total Home Heat Electric Insurance Repairs Mortgage payments Property taxes Water 650 sq feet 3000 sq feet $ 2,500 $ 1,000 $ 500 $ 2,000 $12,000 of which interest is $5,000 $ 4,000 $ 300 Charitable donations contributed during the year Mothers against drunk drivers $ 1,000 Canadian Cancer Society $ 2,000 Peter and Peggy own a rental property - the income and expenses are as follows: Address: 199 Happy Avenue, Toronto, ON MIP 1R6 Purchased in 2010 for $400,000. No CCA has ever been claimed on this property. Rental income received $ 16,000 Property taxes $ 5,128 Insurance $ 1,890 Interest on mortgage $ 3,175 Principal mortgage pmts $ 2,200 Repairs $ 1,500 Maintenance contract $ 900 Peter sold the following assets during the year: Description Molson shares Imperial Oil Shares Number of units 150 387 Year of acquisition 2012 2013 Date of disposition Feb 14 June 6 Proceeds of disposition $37,000 $9,600 Adjusted cost base $27,600 $12,100 Selling expenses $50 $45 Sailboat n/a 2013 Oct 1 $72,000 $74,000 n/a Painting n/a 2008 Aug 28 $1,100 $450 n/a At the beginning of the year, Peter had a net capital loss carryforward of $10,500 from the sale of shares in 2014. RRSP Peter made a spousal contribution to Peggy's RRSP during the year, of $5,000, Peter's RRSP contribution limit for the current year, is $12,500. He has undeducted RRSP contributions carried forward of $1,000. Peggy's contribution limit is $3,500. 15 yor Peter and Peggy jointly Issuer CIBC Actual amount of eligible dividends Taxable amount of eligible dividends Interest nil nil $ 450 Power Corporation $ 950 $ 1,311 nil Medical expenses: Date Individual Company Type of expense Amount June 5 Peter Dr Jones dental expense $ ,500 July 6 Peggy Shoppers Drug Perscriptions $ ,300 Aug 12 Paula Dr Jones dental expense $1,000 Sept 10 Peter Dr Sanders Pshyio $ 900 Oct 10 Max Dr Jones dental expense $ 300 Dec 12 Paula Shoppers New wheelchair $ 2,500 Peter paid $800 for the care and feeding of Paul's seeing eye dog, Buster, during the year. Profile Assignment Peter Piper is a salesman who has been very successful at his job in the past few years. Unfortunately, his family life has had some challenges. Peter and his wife Peggy, adopted their grandson, Paul, after a tragic accident which left Paul without his parents. Paul is blind, and also has major health problems. Peggy is not working at the present time, she cares for Paul, as well as her mother, Paula, who also lives with them. Paula suffers from severe depression. Paula's family doctor has signed a letter stating that she is dependent on Peter and Peggy, because of her mental impairment. Peggy's parents were divorced many years ago, when her father Phillip, suffered enormous losses in the stock market. They were forced to sell their home and Phillip moved to Mexico. He phones periodically to request money from Peggy. Peter's brother Max, competed an alcohol rehabilitation program after being fired for drinking on the job. He is also living with Peter and Peggy while he is enrolled as a full time student at Humber College. Peter is paying for his tuition and Max has agreed to transfer any available education related amounts to Peter. Peter Piper receives a salary and commissions from his Job at ACB Computing Limited. His employer requires him to use his car for business purposes as well as requiring him to have a home office. He gets a car allowance, in addition to his salary, of $300 per month. His employer signed a T2200 stating this. Personal Information: Mr Peter Piper SIN 499 499 499 Date of Birth June 25, 1956 Marital status: Married Canadian citizen YES Provide information to Elections Canada YES Own foreign property of more than $100,000 Cdn Address: 150 Humber College Blvd, Toronto ON M1M1M1 Phone number 416-675-6612 NO Spouse Peggy Piper SIN Date of Birth Net Income 994 994 994 Jan 18, 1959 $6,000 Business incomes Universal Child Benefit $600 Child: Grandson Paul SIN 527 000 517 Date of Birth: Mar 22, 2010 Net income: During the year, Paul was enrolled in a Children's Art Program which cost $1000. NIL Mother in law: Paula Smith SIN Date of birth: Net Income: 517-000-483 Feb 10, 1940 $6,500 OAS, $2,500 CPP Father in law: Phillip Smith SIN none Date of birth: Jan 5, 1935 Net income: NIL Brother: Max Piper SIN 527-000-533 Date of Birth: April 8, 1958 Net income: $9,000 Max's Tuition fees (T2202A) Tuition fees paid for Humber College $6,000 No of mths in school part time 2 No of mths in school full time 6 During the year, Max was arrested in Mexico, Peggy had to spend five weeks in Mexico and $2,000 in legal fees to get him released from jail. Peter had to pay Nannies on Call $3500 for in home help to care for Paul while she was gone. Peter's T4 information (ABC Computing): Salary (Box 14) $240,000 Commission (Box 14) $ 40,000 Flat rate car allowance (Box 14) $ 3,900 CPP deducted (Box 16) $ 2,900 El deducted (Box 18) $ 900 Charitable donations deducted (Box 46) $ 500 Registered pension plan deducted (Box 20) $ 4,500 Pension Adjustment (Box 52) $ 9,000 Income tax deducted (box 22) $ 90,000 During the year, ABC Computing reimbursed Peter $3,888 for meals and entertainment with clients, $2,268 for hotels and $4,825 for airline tickets. Group health and dental premiums paid by Peter during the year $2,300 Car expenses that Peter incurred during the year Gas/oil $ 6,000 Repairs $ 1,300 License $ 200 Insurance $ 1,200 Cost of vehicle purchased in the year $45,000 Personal Km's driven 12,000 Business Km's driven 20,000 During the year Peter purchased a new computer and software that was used solely in his home office for employment related purposes. The computer cost $1,500 and the software programs cost $1,500 Work space in his home Home office Total Home Heat Electric Insurance Repairs Mortgage payments Property taxes Water 650 sq feet 3000 sq feet $ 2,500 $ 1,000 $ 500 $ 2,000 $12,000 of which interest is $5,000 $ 4,000 $ 300 Charitable donations contributed during the year Mothers against drunk drivers $ 1,000 Canadian Cancer Society $ 2,000 Peter and Peggy own a rental property - the income and expenses are as follows: Address: 199 Happy Avenue, Toronto, ON MIP 1R6 Purchased in 2010 for $400,000. No CCA has ever been claimed on this property. Rental income received $ 16,000 Property taxes $ 5,128 Insurance $ 1,890 Interest on mortgage $ 3,175 Principal mortgage pmts $ 2,200 Repairs $ 1,500 Maintenance contract $ 900 Peter sold the following assets during the year: Description Molson shares Imperial Oil Shares Number of units 150 387 Year of acquisition 2012 2013 Date of disposition Feb 14 June 6 Proceeds of disposition $37,000 $9,600 Adjusted cost base $27,600 $12,100 Selling expenses $50 $45 Sailboat n/a 2013 Oct 1 $72,000 $74,000 n/a Painting n/a 2008 Aug 28 $1,100 $450 n/a At the beginning of the year, Peter had a net capital loss carryforward of $10,500 from the sale of shares in 2014. RRSP Peter made a spousal contribution to Peggy's RRSP during the year, of $5,000, Peter's RRSP contribution limit for the current year, is $12,500. He has undeducted RRSP contributions carried forward of $1,000. Peggy's contribution limit is $3,500. 15 yor Peter and Peggy jointly Issuer CIBC Actual amount of eligible dividends Taxable amount of eligible dividends Interest nil nil $ 450 Power Corporation $ 950 $ 1,311 nil Medical expenses: Date Individual Company Type of expense Amount June 5 Peter Dr Jones dental expense $ ,500 July 6 Peggy Shoppers Drug Perscriptions $ ,300 Aug 12 Paula Dr Jones dental expense $1,000 Sept 10 Peter Dr Sanders Pshyio $ 900 Oct 10 Max Dr Jones dental expense $ 300 Dec 12 Paula Shoppers New wheelchair $ 2,500 Peter paid $800 for the care and feeding of Paul's seeing eye dog, Buster, during the year