Profile Assignment Year 2020 George Smart is a self employed salesman who has been very successful at his job in the past few years. Unfortunately, his family life has had some challenges. George and his wife Judy, adopted their grandson, Paul, after a tragic accident which left Paul without his parents. Paul is blind, and also has major health problems. Judy 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 George and Judy, because of her mental impairment. George's sister Susy, completed an alcohol rehabilitation program after being fired for drinking on the job. She is also living with George and Judy while she is enrolled as a full time student at Humber College. Susy pays for her own tuition but Susy wants to transfer any available education related amounts to George. Personal Information: Mr George Smart SIN 499 499 499 Date of Birth June 25, 1966 Marital status: Married Canadian citizen YES Provide information to Elections Canada YES Own foreign property of more than $100,000 Cdn NO Address: 150 Humber College Blvd, Toronto ON M1M1M1 Phone number 416-675-6612 Spouse Judy Smart SIN 994 994 994 Date of Birth Jan 18, 1969 Net Income T5 - Interest Income $5000 Child: Grandson Paul SIN 527 000 517 Date of Birth: Mar 22, 2015 Net income: NIL Mother in law: Paula Small SIN 517-000-483 Date of birth: Feb 10, 1940 Net Income: $maximum OAS, $3,000 CPP Commented [JC1]: Sister: Susy Smart SIN 527-000-533 Date of Birth: April 8, 1969 Net income: $9,500 Susy's Tuition fees (T2202A) Tuition fees paid for Humber College $6,000 No of mths in school full time 6 During the year, Susy was arrested in Mexico, Judy had to spend five weeks in Mexico and $2,000 in legal fees to get her released from jail. George had to pay Nannies on Call $4500 for in home help to care for Paul while Judy was gone. Self employment: Smart Company, year end December 31, 2020 Total Sales (Cash and accrual) $500,000 Expenses: Opening inventory $15,000 Purchase $200,000 Direct labour $100,000 Closing inventory $20,000 Office supplies $12,500 Insurance $5,000 Life insurance $3,000 Rent $20,000 Telephone $5,000 Bank chgs & Interest $4,500 Eqiupment lease $5,800 Professional fees $6,000 Golf club dues $2,800 Meals & Entertainment $9,500 Work space in his home Home office 650 sq feet Total Home 3000 sq feet Heat $ 2,500 Electric $ 1,000 Insurance $ 500 Repairs $ 2,000 Mortgage payments $12,000 of which interest is $5,000 Property taxes $ 4,000 Water $ 300 Car expenses that George incurred during the year Gas/oil $ 6,000 Repairs $ 1,300 License $ 200 Insurance $ 1,200 Cost of vehicle purchased on Mar 1 $45,000 Personal Km's driven 12,000 Business Km's driven 20,000 During the year George purchased a new computer and software that was used solely for business related purposes. The computer cost $1,500 and the software programs cost $1,500 Charitable donations contributed during the year Mothers against drunk drivers $ 1,000 Canadian Cancer society $ 2,000 George and Judy own a rental property - the income and expenses are as follows: Address: 199 Happy Avenue, Toronto, ON M1P 1R6 Purchased in 2010 for $400,000. No CCA has ever been claimed on this property. Rental income received $ 19,000 Property taxes $ 5,000 Insurance $ 1,850 Interest on mortgage $ 4,175 Principal mortgage pmts $ 2,200 Repairs $ 1,800 Maintenance contract $ 900 George sold the following assets during the year: Description Maple Leaf shares Imperial Oil Shares Antique Car Painting Number of units 150 387 n/a n/a Year of acquisition 2012 2013 2013 2008 Date of disposition Feb 14 June 6 Oct 1 Aug 28 Proceeds of disposition $38,000 $9,500 $72,000 $1,100 Adjusted cost base $27,500 $12,150 $74,000 $450 Selling expenses $500 $450 n/a n/a At the beginning of the year, George had a net capital loss carryforward of $10,500 from the sale of shares in 2014. RRSP George made a spousal contribution to Judy's RRSP during the year, of $5,000, George's RRSP contribution limit for the current year, is $12,500. He has undeducted RRSP contributions carried forward of $1,000. Judy's contribution limit is $3,500. T5 for George and Judy jointly Issuer CIBC Power Corporation Actual amount of eligible dividends nil $ 1,000 Taxable amount of eligible dividends nil $ 1,380 Interest $ 575 nil Medical expenses: Date Individual Company Type of expense Amount June 5 GEORGE Dr Jones dental expense $ ,500 July 6 JUDY Shoppers Drug Perscriptions $ ,300 Aug 12 PAUL Dr Jones dental expense $ 1,000 Sept 10 GEORGE Dr Sanders Pshyio $ 900 Oct 10 SUSY Dr Jones dental expense $ 300 Dec 12 PAULA Shoppers New wheelchair $ 2,500 George paid $800 for the care and feeding of Paul's seeing eye dog, Buster, during the year. Please print in PDF format the following: T1 jacket for George and Judy Smart T1 summary for each T776 Rental schedule T2125 Business Schedule