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D Emmy Peterson, a single taxpayer, was able to complete her own taxes prior to 2021. In 2020 she earned employment ncome, had a business loss from a partnership and contributed to her RRSP. This year, however, she requires assistance due co the following life changes and transactions. Income sources and amounts for 2021 are shown below. income Sources Net Employment Income RPP Contribution Net Business Income (Loss) interest income Amount 103,037 10,697 (23,639) 1,880 he is unable to find her 2020 notice of assessment with her 2021 RRSP deduction limit, however, she has provided what mformation she can in note 1. he adopted an 8 year-old child from the Ukraine and obtained custody on February 1, 2021. She hired a nanny for two months to help the child, Andi, get settled before she began school. The neighbour babysits when Emmy has to work a few ours on the weekend. Andi took hip hop dance lessons at J'dore Dance for eight weeks and attended overnight summer amp for two weeks. Costs paid in the year are outlined in note 2. FMV at time of inheritance Proceeds She sold two parcels of land she had inherited from her grandmother in 2020. The fair market value at the time of inheritance and the proceeds are outlined below. She entered into a financing arrangement with the buyer of parcel B to receive a 30% down payment in the year of sale, 30% in the year following the sale and the remaining 40% the year thereafter. Templates to calculate gains and losses are provided in note 3. Parcel A 94,626 60,989 Parcel B 834,499 960,787 She was requested to relocate by her employer and agreed, thinking moving to a smaller center may be better to raise a child. For this reason she agreed to relocate from Toronto to Sarnia. She owned the home she sold in Toronto for nine years. She would like to utilize the principal residence exemption for this transaction. During the 9 years she also owned a condo for four years and used the principal residence to fully exempt the gain. Costs associated with the move, and sale of her residence are contained in note 4. Emmy will use the simplified method of determining vehicle and food costs in calculating her moving expenses. Assume that the relevant flat rate for vehicle expenses is $0.53 for Ontario, and the flat rate for meals is $51 per person per day. H Required: Complete Emmy's net income for tax calculation, showing all of your work in the templates provided. Income under ITA 3(a) Net Employment Income Interest income Income under ITA 3(b) Taxable Capital Gains Allowable Capital Losses Subtotal 3(a) + 3(b) Deductions under ITA 3(c) Childcare Expenses Moving Expenses RRSP Deduction Subtotal 3(c) Deduction under ITA 3(d) Net Business Income (Loss) Net Income for tax purposes Income Sources 2020 unused deduction limit 2020 pension adjustment 2020 earned income for RRSP Undeducted contributions from prior years RRSP Contribution H Required: Complete all of the templates, inputting your figures into the blue boxes. Where there is an impact to Emmy's net income, include/deduct this amount above. Note 1: RRSP Deduction Unused deduction room (2020) +18% of prior year earned income or $27,830 Less Pension Adjustment 2021 RRSP Deduction Limit Amount 103,037 1,880 58,964 27,148 108,232 13,576 21,033 (23,639) Income Sources 2020 unused deduction limit 2020 pension adjustment 2020 earned income for RRSP Undeducted contributions from prior years RRSP Contribution WE Unused deduction room (2020) +18% of prior year earned income or $27,830 Less Pension Adjustment 2021 RRSP Deduction Limit RRSP Deduction is the lesser of: 2021 RRSP Deduction Limit Contributions Amount 58,964 27,148 108,232 13,576 -21,033 D Emmy Peterson, a single taxpayer, was able to complete her own taxes prior to 2021. In 2020 she earned employment ncome, had a business loss from a partnership and contributed to her RRSP. This year, however, she requires assistance due co the following life changes and transactions. Income sources and amounts for 2021 are shown below. income Sources Net Employment Income RPP Contribution Net Business Income (Loss) interest income Amount 103,037 10,697 (23,639) 1,880 he is unable to find her 2020 notice of assessment with her 2021 RRSP deduction limit, however, she has provided what mformation she can in note 1. he adopted an 8 year-old child from the Ukraine and obtained custody on February 1, 2021. She hired a nanny for two months to help the child, Andi, get settled before she began school. The neighbour babysits when Emmy has to work a few ours on the weekend. Andi took hip hop dance lessons at J'dore Dance for eight weeks and attended overnight summer amp for two weeks. Costs paid in the year are outlined in note 2. FMV at time of inheritance Proceeds She sold two parcels of land she had inherited from her grandmother in 2020. The fair market value at the time of inheritance and the proceeds are outlined below. She entered into a financing arrangement with the buyer of parcel B to receive a 30% down payment in the year of sale, 30% in the year following the sale and the remaining 40% the year thereafter. Templates to calculate gains and losses are provided in note 3. Parcel A 94,626 60,989 Parcel B 834,499 960,787 She was requested to relocate by her employer and agreed, thinking moving to a smaller center may be better to raise a child. For this reason she agreed to relocate from Toronto to Sarnia. She owned the home she sold in Toronto for nine years. She would like to utilize the principal residence exemption for this transaction. During the 9 years she also owned a condo for four years and used the principal residence to fully exempt the gain. Costs associated with the move, and sale of her residence are contained in note 4. Emmy will use the simplified method of determining vehicle and food costs in calculating her moving expenses. Assume that the relevant flat rate for vehicle expenses is $0.53 for Ontario, and the flat rate for meals is $51 per person per day. H Required: Complete Emmy's net income for tax calculation, showing all of your work in the templates provided. Income under ITA 3(a) Net Employment Income Interest income Income under ITA 3(b) Taxable Capital Gains Allowable Capital Losses Subtotal 3(a) + 3(b) Deductions under ITA 3(c) Childcare Expenses Moving Expenses RRSP Deduction Subtotal 3(c) Deduction under ITA 3(d) Net Business Income (Loss) Net Income for tax purposes Income Sources 2020 unused deduction limit 2020 pension adjustment 2020 earned income for RRSP Undeducted contributions from prior years RRSP Contribution H Required: Complete all of the templates, inputting your figures into the blue boxes. Where there is an impact to Emmy's net income, include/deduct this amount above. Note 1: RRSP Deduction Unused deduction room (2020) +18% of prior year earned income or $27,830 Less Pension Adjustment 2021 RRSP Deduction Limit Amount 103,037 1,880 58,964 27,148 108,232 13,576 21,033 (23,639) Income Sources 2020 unused deduction limit 2020 pension adjustment 2020 earned income for RRSP Undeducted contributions from prior years RRSP Contribution WE Unused deduction room (2020) +18% of prior year earned income or $27,830 Less Pension Adjustment 2021 RRSP Deduction Limit RRSP Deduction is the lesser of: 2021 RRSP Deduction Limit Contributions Amount 58,964 27,148 108,232 13,576 -21,033