Section II: Four (4) Mini-Cases (15 marks) Please write your response in the template or space provided (or highlight AND underline, where required) Mini-Case A: (6 marks) Your best friend Lina just moved in with her new boyfriend, Jax. Jax is a real spender and is always ready to buy the latest electronics to upgrade his gaming skills. You are concerned for your friend Lina and the impact that Jax's lack of control over his finances may have on her. You are also concerned for her credit score as the bills (and lease agreement) are in both their names. Even though Lina is in JMSB and knows about finance, she is head over heels in love and is ignoring some reg flags. As you are taking a Personal Finance course, you have decided to have a talk with her. Use information from the case in your responses. Lina: is full-time in Concordia University's JMSB program and works part-time (12 hours/week) earning $20/hour working in finance at the Bank of Montreal - $12,000/year lives pay cheque to pay cheque and is financing her own schooling $500 in savings for emergencies . Jax: is in the Faculty of Medicine at McGill University goes to restaurants, plays hockey (pre-red zone COVID-19!) missed his portion of the October 1st month's rent (Lina was not aware that Jax had not paid his share of the rent for the second time in a row. She only found out as the landlord showed up at their door demanding payment for which Lina quickly covered via e-transfer - the landlord would not leave until he was paid!) Jax maxed out his two credit cards as he needed to upgrade his gaming system; he told Lina not to worry as he had applied for another credit card and was simply waiting for it to arrive his parent's pay for his schooling, bills and entertainment but they keep asking Jax for a budget so they know how much to transfer him on a monthly basis (Jax tells them that a budget is a waste of time as his spending needs change continuously and he has no time for that kind of stuff") n) As Lina's father owes $10,000 to CRA, he has asked Lina to provide him with her T2202 tax form from Concordia. Based on Lina's tuition tax slip below, how much of Lina's tuition can she transfer to her father for him to use on his 2019 Federal tax return? (.25 marks) $ 7200 Page 7 of 14 11 Canada Revenue Agency Agence du revenu du Canada T2202 Tuition and Enrolment Certificate Certificat pour frais de scolarit et d'inscription Name and address of designated educational institution School Type Nom et adresse de rtablissement denseignement Catgorie docole Protected B/Protg B when completed / une fois rempli For student/Pour tudent 1 Year Anne Pying school or cu Ecole ou dub de pilotage Concordia University 19 Student number Numero etudiant S Filer Account Number Numero de compte du diderant RZ Name of program or course Nom du programme ou du cours Number of months periods Session From YY MM Periodes detudes MMM To YY MM A MAMM part time Nombre Number of months full-time Nombre de mois a formos plan 8 Eligible tuition fees part time and time Frais de scolare admissibles pour tudes temps partiel et temps plein Student Name Nom de retudiant Lina Smith temps partiel 1 19 01 19 12 $7,200 - Student address Adresse de Titudine 2 3 4 Totals/Totaux 20 1000 Guy Montreal, QC Information for students: See the back of Certificate 1. If you want to transfer all or part of your tution amount, complete the back of Certificate 2 Social Insurance number (SIN) Numero d'assurance sociale (NAS) Renseignements pour les tudiants : Lisez lo verso du cortica 1. Si vous dsire transfer une partie ou la totalit de vos frais de scolarit, remplissez le verso du certificat 2 See the privacy notice on the next page Consultez lavis de confidentialite a la page suivante. T2202 (19) Canada o) Calculate his Federal non-refundable tax credit if she transferred the above. Calculation: (.25 marks) 7200 Section II: Four (4) Mini-Cases (15 marks) Please write your response in the template or space provided (or highlight AND underline, where required) Mini-Case A: (6 marks) Your best friend Lina just moved in with her new boyfriend, Jax. Jax is a real spender and is always ready to buy the latest electronics to upgrade his gaming skills. You are concerned for your friend Lina and the impact that Jax's lack of control over his finances may have on her. You are also concerned for her credit score as the bills (and lease agreement) are in both their names. Even though Lina is in JMSB and knows about finance, she is head over heels in love and is ignoring some reg flags. As you are taking a Personal Finance course, you have decided to have a talk with her. Use information from the case in your responses. Lina: is full-time in Concordia University's JMSB program and works part-time (12 hours/week) earning $20/hour working in finance at the Bank of Montreal - $12,000/year lives pay cheque to pay cheque and is financing her own schooling $500 in savings for emergencies . Jax: is in the Faculty of Medicine at McGill University goes to restaurants, plays hockey (pre-red zone COVID-19!) missed his portion of the October 1st month's rent (Lina was not aware that Jax had not paid his share of the rent for the second time in a row. She only found out as the landlord showed up at their door demanding payment for which Lina quickly covered via e-transfer - the landlord would not leave until he was paid!) Jax maxed out his two credit cards as he needed to upgrade his gaming system; he told Lina not to worry as he had applied for another credit card and was simply waiting for it to arrive his parent's pay for his schooling, bills and entertainment but they keep asking Jax for a budget so they know how much to transfer him on a monthly basis (Jax tells them that a budget is a waste of time as his spending needs change continuously and he has no time for that kind of stuff") n) As Lina's father owes $10,000 to CRA, he has asked Lina to provide him with her T2202 tax form from Concordia. Based on Lina's tuition tax slip below, how much of Lina's tuition can she transfer to her father for him to use on his 2019 Federal tax return? (.25 marks) $ 7200 Page 7 of 14 11 Canada Revenue Agency Agence du revenu du Canada T2202 Tuition and Enrolment Certificate Certificat pour frais de scolarit et d'inscription Name and address of designated educational institution School Type Nom et adresse de rtablissement denseignement Catgorie docole Protected B/Protg B when completed / une fois rempli For student/Pour tudent 1 Year Anne Pying school or cu Ecole ou dub de pilotage Concordia University 19 Student number Numero etudiant S Filer Account Number Numero de compte du diderant RZ Name of program or course Nom du programme ou du cours Number of months periods Session From YY MM Periodes detudes MMM To YY MM A MAMM part time Nombre Number of months full-time Nombre de mois a formos plan 8 Eligible tuition fees part time and time Frais de scolare admissibles pour tudes temps partiel et temps plein Student Name Nom de retudiant Lina Smith temps partiel 1 19 01 19 12 $7,200 - Student address Adresse de Titudine 2 3 4 Totals/Totaux 20 1000 Guy Montreal, QC Information for students: See the back of Certificate 1. If you want to transfer all or part of your tution amount, complete the back of Certificate 2 Social Insurance number (SIN) Numero d'assurance sociale (NAS) Renseignements pour les tudiants : Lisez lo verso du cortica 1. Si vous dsire transfer une partie ou la totalit de vos frais de scolarit, remplissez le verso du certificat 2 See the privacy notice on the next page Consultez lavis de confidentialite a la page suivante. T2202 (19) Canada o) Calculate his Federal non-refundable tax credit if she transferred the above. Calculation: (.25 marks) 7200