QUESTION 7 15 po Sheila is a successful art dealer and operates an oil painting restoration business. Sheila has requested your assistance in calculating her 2020 tax credits and federal tax payable Sheila has correctly calculated her net and taxable income to be $249,000 Included in this income was an ineligible dividend received from XYZ corporation of $5,000 (actual amount received) Sheila 2020 Financial Information Stella paid income tax by instalments of $ 37,000 Stela paid for the following medical receipts for herselt and her family Dental fees for herself $4,000 Dental fees for her lusband $1,200 Dental tess for her 20-year-old son $ 1.200 Dertil fees for her 15 year old dauxhet $ 500 Sheila is marned and supports her daughter (aged 15) and son (aged 20). Her husband cared 83 000 in 2020. Her son canned $7.000 from part time employment while attending university for 8 monthn 2020. His tuition fees are $12.000 and he is wing to transfer the maximum amount to his mother Sheia made donations to vanous Canadian charties during the year. The total of all corvoons was $12.400 Required Determine Sheila's 2020 basic federal tax, nor refundable tax credits and federal taxes payable using the taxable income provided QUESTION 8 PARTA Ms. Sonia Nexus is a computer specialist with net employment income of $96,000 in 2019. She had a pension adjustment of $5,000. During the year ending December 31, 2019 she has 1 interest income of $10,250, 2. rental losses of S6,750, and 3. a loss from her unincorporated business of $8,000 In addition, she makes spousal support payments of $14,000. She had unused RRSP contribution room from prior years of $4,500 Required Calculate Ms. Nexus's earned income for RRSP purposes and her maximum contribution possible Show all calculations PARTB Cody Bryant's spouse has had an RRSP for overal years while she was working outside the home. For the first time during 2018 she stopped working and Cody began making spousal RRSP contributions. The amount of the 2018 contribution is $4500 and this is followed in 2019 by an additional contribution to his spouse's pian of 55,500 Cody deducts both of these contributions. All the beginning of 2020, he spouse's plan has a balance of 5226,000. During this year, she withdraws 511 000 from her RRSP How will this withdrawal bevod QUESTION 13 For each of the following indicate how they would be taxed in Canada for the year ending December 31, 2020. Your answer should explain whether the person is a Canadian resident, what parts of their income would be subject to Canadian taxation, and the basis for your conclusions Case A: John has been a resident of Canada for over 15 years. In 2019, he won 51.5 million in a lottery. He has decided to use these funds to spend two years touring Europe and Asia. His wife and children will remain at the family home in Canada. He was not present in Canada during any part of 2020. Case B: In 2019, Jane's Canadian employer asked her to spend three years working in their Hong Kong office. Her employment contract requires her to return to Canada in 2022. Jane severs all of her residential ties with Canada and moves to Hong Kong in November, 2019. She has not present in Canada during any part of 2020 Case C: Martha Mendoza is a US citizen who lives in Buffalo, New York. During 2020, she is employed 5 days per week in Fort Ene, Ontario and she returns to Buffalo, NY nightly Mar 2020 salary is 552.000. In addition, she has $2.000 (Canadian) of interest on a savings account with a Buffalo bank Case D: Dorad Inc was incorporated in Ohio, USA in 2003 For several years, all of its directors were residents of Canada with board meetings being held in Windsot, Ontario. However, in 2008, all of the directors moved to Toledo, Ohio. As Board of Directors meetings are now held in that city Directions meelings held in that country Case E Cadio Ing was incorported in Canada in 2005. Howevee its directors have always been residents of the United States, with all of the company Board of
