Required: 1. Prepare a T1 Return for Ms. Smith using the ProFile Software. You can assume all the personal information (address, Sin etc). 2. Submit the ProFile file (either .17T.18T or .19T pr.20T) extension. Do not submit the PDF file. It has to be ProFile File. You can assume the information presented in this case as per the year you have chosen. 3. Complete the attached excel file and also submit it along with ProFile file. 4. Excel answers would have a weight of 60% and ProFile file has a weight of 40%. 5. Follow the instructions in the excel religiously. 6. Submit your excel with the following naming format: First Name Last Name_Assignment 1 I Claim the maximum CCA (business and property) in order to reduce the tax liability. No CCA should be claimed against the personal residence. Ignore GST/HST on sales and expenses. Ms. Smith has been working for her employer for over a decade. The table below summarizes the information from her T4 slip. Employment Income Box 14 Box 16 Box 18 Box 22 Box 24 Box 26 $150,000 $2,593.88 $858.22 $41,500 $51,799 $55,900 Business Income In addition to working a standard 9 a.m.-5 p.m. job, Ms. Smith had an innovative idea and a couple of years ago she started her own business. The details you will need to complete her T1 Return are below: The unincorporated business earns $6,000 per month. Ms. Smith operates an unincorporated business out of her personal residence and the entire basement is dedicated to the business on nights and weekends. The house has three levels, including the basement. No other part of the house is used to earn income. Ms. Smith regularly meets clients there to discuss future sales. To furnish the home office, Ms. Smith spent $5,000 on office furniture on January 1, 2018. Ms. Smith was getting tired of the dated bathroom on the top floor of the house and decided to renovate it for a cost of $25,000. . The monthly heating and utility bills are $120 and $150, respectively.