sample process method:

Calculate Taxable Income and Income Tax on the Taxable Income using the methodology provided in the Taxable Income Calculation Slide in Week 2.

a)

Net Employment Income	$62,350.00
Capital Gains	$97,650.00
Allowable Capital Losses	$2,715.00
Contribution to RRSP	$4,560.00
Loss in Business	$11,560.00

b)Sam has the following incomes and tax-related items

Net Employment Income	$45,600.00
Net Business Profit	$27,310.00
Capital Gains	$31,620.00
Allowable Capital Losses	$20,825.00
Contribution to RRSP	$7,200.00
Rental income from Property	$4,600.00

\begin{tabular}{l|l} \hline Incomes / Losses & Effects on Taxable Income Calculation \\ \hline Employment Income & Added to Taxable Income \\ \hline Capital Income/Gains & 50% of the Amount is Added to the Taxable Income \\ \hline Capital Losses & Deducted from Taxable Income \\ \hline Business Profit/Income & Added to Taxable Income \\ \hline Business Losses & Deducted from Taxable Income \\ \hline Contribution to RRSP & Deducted from Taxable Income \\ \hline Contribution to TFSA & No change in Taxable Income \\ \hline Rental Income & Added to Taxable Income \\ \hline Rental Loss & Deducted from Taxable Income \\ \hline Interest on Loan Given & Added to Taxable Income \end{tabular}