Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

TAX 201 - Hand In Assignment -Chpt 4 - LO 5&6 NAME: (15 Marks) Prepare a 2021 T1 Return given the following information: Complete the

TAX 201 - Hand In Assignment -Chpt 4 - LO 5&6 NAME: (15 Marks) Prepare a 2021 T1 Return given the following information: Complete the T1 Income Tax Return and any relevant Schedules. Name: Ms. Cynthia Upton Age: 48 Years Old Address: 456 Green Avenue, Moose Jaw Province: Saskatchewan SIN: 211-222-322 Marital Status: Divorced Gross Salary from Employment $136,000 Union Dues Paid by Taxpayer $776 RPP Contributions by Taxpayer $537 RPP Contributions by Employer $910 EI Withheld from Employment Cheque $889.54 CPP Withheld from Employment Cheque $3,166.45 Income Tax Withheld from Employment Cheque $34,000 T5 - Bank Interest Income Received $696 Withdraws from RRSP Account (T4RSP Slip)* $7,417 Additional Information: Daughter: Name: Sarah Upton Age: 19 Years Old Mentally or Physically Infirm? Yes (Note: The disability is permanent and a T2201 is on file) Sources of Income: $3,200 Interest Income Attended Post Secondary Institution. 4 Full Time Months 4 Part Time Months $9,767 Tuition Paid in Year Additional Information (continued): * During the year, the taxpayer had cash flow issues and decided to cash in a portion of their RRSP in a lump sum Yash Patel Son: Samuel Upton Age of Son: 14 Mentally or Physically Infirm? No Enrolled in Sports? Yes $238 Paid for Fees Sources of Income: $0 None Cynthia's Mother: Name: Isabel Wright Lives_with_Cynthia (Note: Mother is in good health and assists with the looking after the children) Age of Mother-in-Law 64 Sources of Income: $7,040 Registered Pension Plan Income $2,666 CPP Payments Received Medical Expenses: The following expenses were incurred for the 2021 tax year: Cynthia $1,435 Dental Visit Cynthia $611 Prescription Drugs Cynthia $339 Botox Injections Samuel $503 Doctor Visit Donations: Federal_Political_Party $897 $ Donated** REQUIRED: Prepare a 2021 T1 Return for Cynthia Upton given the above information. Complete the T1 Income Tax Return and any relevant Schedules. For simplicity assume Provincial Tax Payable is: $10,390 When preparing the return, assume that any tax credits that may be transferred

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Handbook Of Experimental Finance

Authors: Sascha Füllbrunn, Ernan Haruvy

1st Edition

1800372329, 978-1800372320

More Books

Students also viewed these Finance questions

Question

What does the term blinding refer to in statistical studies?

Answered: 1 week ago