Tax for Financial Planners FIN3020 Winter 2023 Project. This project is worth 10% of your overall grade. You have two weeks to complete this assignment. You are required to prepare the tax return and answer the questions in part B below.

Part A

Complete the tax return for the client using the following information for 2021.

Gross Employment Income	65,000
CPP Deducted	2,460
EI Deducted	980
Income Tax Deducted	9,875
Contribution to RPP	2,300

Property Source Income

Rental of principal residence (30%) rented, personal use 70%

Gross Rental 14,000

Property Expenses:

Mortgage interest $7,000

Utilities $2,800

Insurance $1,600

Property tax $3,800

Snow removal and lawn care $1,550

General maintenance to the overall building $2,200

Capital improvement to the roof $10,000.

Other information 2021

Name: Oliver Shaw

Birthdate: June 12, 1989. Divorced with no children.

Received spousal support payments $24,000 from former spouse.

Client has a net capital loss from other years of $1,800 (carried forward from 2015)

Charitable donations for the year $600

Medical expenses for the year $950

Borrowed $25,000 to buy shares in 2015. Interest paid in 2021was $550.

Use all applicable deductions and credits for this situation.

Part B

Answer the following questions based on the completed tax return.

1. What is the amount of total income?

2. What is the amount of taxable income?

3. What is the amount of total non-refundable tax credits?

4. What is the amount of net federal tax?

5. What is the amount of total payable?

6. How much income is taxed at the federal marginal tax rate?

7. What is the taxpayers average tax rate using taxable income?

8. List three items other than employment income that would affect RRSP contribution room.

9. How much total tax reduction would result from an RRSP contribution of $12,000 for this client? Show your calculation.

10. How much total tax reduction would result from medical expenses of $4,500 for this client? Show your calculation.

Submit the completed tax return (Cantax) and this file with your answers to questions one to ten