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Required: Determine Eric's employment income for tax purposes for 2023. Eric used the employer's summer camp for a one-month holiday and paid the employer $200
Required: Determine Eric's employment income for tax purposes for 2023. Eric used the employer's summer camp for a one-month holiday and paid the employer $200 rent. When not being used by employees, the summer camp is rented for $600 per month. Although Eric owns his own automobile, he is provided with a company car. The company purchased the car for $35,000. During the year, he drove a total of 24,000 kilometres, of which 16,800 kilometres were for personal use. The employer also paid all of the operating costs, which amounted to $3,000. During the year, he attended a conference in Toronto. His spouse travelled with him at the company's expense ($1,000). The employer permits staff to purchase merchandise from its retail outlet at the company's cost. During the year, Eric purchased for $800 merchandise with a retail value of $1,200. 2. As a real estate salesperson, Eric earns a base salary of $8,000 and receives commissions of $7,000. In relation to his real estate work, he incurs the following expenses. Eric uses his own automobile for his real estate activities. The car has an undepreciated capital cost for tax purposes Page 104 of $10,000. During the year, he drove a total of 30,000 kilometres, of which 27,000 kilometres were related to selling real estate. His employer provides him with a monthly car allowance of $200 ( $2,400 per year). Eric Fenson is employed as a shipping supervisor. In the evenings and on weekends, he holds a second job as a real estate salesperson for a national real estate firm. His financial information for 2023 is as follows. 1. His salary from his day job is $60,000 per annum. However, the employer deducts a number of items from his salary, so his net take-home pay is only $37,844. The following amounts were deducted in 2023. The employer paid the following amounts related to Eric
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