QUESTION 1 *BONUS T2125 - part 3B - line 3H - part 3C - line 8299 - part 4 - line 4A (all same value)

QUESTION 2 *BONUS T2125 - part 7 - line 7H subtotal of business-use-of-home expenses

QUESTION 3 *BONUS T2125 - part 7 - line 7I personal portion of the business-use-of-home expenses

QUESTION 4 *BONUS T2125 - part 7 - line 7J business portion of business-use-of-home expenses

QUESTION 5 *BONUS T2125 - Area A - table from left to right calculation of capital cost allowance - amount that can be claimed of a capital expense for the year column 1 column 2 column 3 column 4 column 5 column 6 column 7 column 8 column 9 column 10 column 11 column 12 column 13

QUESTION 6 *BONUS T2125 - part 5 - line 9946 Anna's net income from her self-employment

QUESTION 7 T1 - step 2 - line 10 This is the amount of interest income Anna will be taxed on, according to the Worksheet for the Return

QUESTION 8 T1 - step 2 - line 28 This is Anna's total income 0.00351656

QUESTION 9 T1 - step 3 - line 31 This is the allowable RRSP deduction Anna can claim, according to the Schedule 7 form

QUESTION 15 T1 - step 4 - line 62 This is Anna's taxable income

QUESTION 16 T1 - step 5: part A - line 70 Anna's tax payable based on her taxable income

QUESTION 17 *BONUS S13 - line 9 The amount of additional EI premiums Anna owes on her self-employment income 0.5 points

QUESTION 18 T1 - Step 5 - part B - line 103

QUESTION 20 T1 - step 5 - part B - line 107 Anna's total federal non-refundable tax credits

QUESTION 21 T1 - step 5: part C - line 115, 117, 123, and 126 (all values the same) Net federal tax - total amount of tax that Anna owes the federal government 1 points

QUESTION 26 T1 - Step 7 - line 132 This is Anna's total tax payable - the total amount of tax that Anna owes for this year but there are still some final amounts to be accounted for, such as taxes already paid...

QUESTION 29 T1 - Step 7 - line 149 final credits counted against the tax you owe or result in taxes owed notice these may or may not be credited at 15% like a usual tax credit as some of them are amounts that have already been paid to the government which will count against any money owning, or result in them having to refund some

QUESTION 30 T1 - Step 7 - line 48400 OR 48500 What is Anna's final Refund amount that she will be receiving from the government?

OR What is Anna's final balance that she owes to the government? (note: the questions are intentionally phrased so that either way the answer should be a positive number)

https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2125.html (T2125)

https://www.canada.ca/en/revenue-agency/services/forms-publications/tax-packages-years/general-income-tax-benefit-package/ontario/5006-r.html (T1)

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 hasn't 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 in 2019 (last year) was $2,200 she decided to deposit a bit less than that into her RRSP account for now. Unfortunately Anna's 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. She's 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 she's 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 didn't 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 can't 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 hasn't had any other real business expenses. But, Anna does know that her self-employment will complicate her CPP payments and also that she'll have to contribute some extra money to E.l. as well so she'll have a few extra forms, to fill out. She'll 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 complete...better get started! 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 hasn't 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 in 2019 (last year) was $2,200 she decided to deposit a bit less than that into her RRSP account for now. Unfortunately Anna's 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. She's 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 she's 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 didn't 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 can't 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 hasn't had any other real business expenses. But, Anna does know that her self-employment will complicate her CPP payments and also that she'll have to contribute some extra money to E.l. as well so she'll have a few extra forms, to fill out. She'll 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 complete...better get started