Shaun turned 20 on July 1, 2020 (resident of Quebec). His Aunt Mathilda gave him a lottery ticket which turns out to be a winning number where he won $20,000! He decided to put the money in a Tax-Free Savings Account (TFSA). He is however not familiar in how it works; he just knows that one of his buddies made a lot of money in his TFSA! He is wondering what the maximum TFSA contribution could be into his newly opened TFSA account. Any amount remaining, he would like to contribute it to his Registered Retirement Savings Plan (RRSP).Know that Shaun has never worked in the past and with COVID-19, he is still out of work. (see Table C and D)

a)

Shaun can contribute $12,000 to his TFSA and can contribute $8,000 to his RRSP.

b)

Shaun can contribute $17,500 to his TFSA and can contribute $0 to his RRSP.

c)

Shaun can contribute $6,000 to his TFSA and can contribute $14,000 to his RRSP.

d)

Shaun can contribute $20,000 to his TFSA.

e)

Shaun is not able to contribute to his TFSA nor his RRSP.

It is July 1, 2020 and Brittany has been working for the last 3.5 years since she graduated from Concordia's JMSB on December 31, 2016. She is a resident of Quebec and is looking to make her first Registered Retirement Savings Plan (RRSP's) contribution (including a catch-up for past years). Calculate the maximum contribution that she can claim as a deduction on her 2020 personal income tax return. (see Table D)

Brittany's annual gross salary:

2017: $75,000

2018: $85,000

2019: $96,000

2020: $110,000

a)

$17,280

b)

$19,800

c)

$65,880

d)

$56,800

e)

$46,080

7)

Ajay and Ira are signing the real estate papers tomorrow on the purchase of their first home. They both have Registered Retirement Saving Plans (RRSPs) and are looking to use the Home Buyer's Plan (HBP) to make their down payment. As of today, July 1, 2020, the market value of Ajay's RRSP is at $29,565 and Ira's is at $36,348, what is the maximum amount they can currently withdraw from their respective RRSPs through the HBP for the total down payment on their dream home? (see Table E)

a)

$64,565

b)

$57,455

c)

$70,000

d)

$65,913

e)

$50,000

10)

Omar graduated from Concordia in December 2018. He started working at the Royal Bank of Canada (RBC) as an investment advisor on January 1, 2019. In 2019, his gross annual salary was $95,000 plus commissions of $10,500. As his skills were in high demand, RBC had also paid him an $8,000 signing bonus to join them on his first pay cheque on January 15, 2019. With the bonus, he made contributions of $4,500 to a Registered Retirement Savings Plan (RRSP) and $3,500 to a Tax-Free Savings Account (TFSA); note that his Canada Revenue Agency (CRA) Notice of Assessment stated he could make RRSP contributions of up to $10,000 (based on his previous part-time work when he was a student), and up to $28,500 to his TFSA. We are currently July 1, 2020 and Omar is ready to file his 2019 personal income tax returns. As a resident of Quebec, calculate his combined 2019 taxes payable. (see Table A; ignore Non-Refundable Tax Credits, Quebec Abatement, and any employer withholdings)

a)

$37,294.72

b)

$36,149.45

c)

$39,325.98

d)

$38,260.12

e)

$37,615.58