Tax Software Assignment Fall 2021 Ms. Becca Long (SIN 527-000-061) was born in Vancouver on October 8, 1978. She has spent most of her working life a song writer but also has a part-time job as a business manager. Her and her family live at 926 Fairview Way, Bowen Island, BC postal code V6A 4G9, phone (604) 111-1919. She is not registered for CRA online mail and does not wish to have an electronic notice of assessment. She is a Canadian citizen and would like to provide her information to elections Canada. She informs you that she has not sold any foreign property during the year. Beccas wife, Margaret (SIN 527-000-129), was born on March 6, 1983. She and Becca have two children. Heidi was born on October 7, 2014 and James was born on September 8, 2019. Margarets income during 2021 is $320,000 from singing engagements. Other information concerning Becca and her family for 2021 is as follows: 1. Becca earned $82,600 for work as the manager of Loose Moose Clothing Co. Her T4 showed that her employer withheld $21,500 for income taxes $3,166 for CPP and $890 for EI. 2. Becca receives a T5 slip from her investments with the Great Royal Bank. Her T5 showed $44,200 in Box 24 and $14,400 in Box 10. She and Margaret are joint owners of these investments and split the income 50/50. 3. Beccas a rental property in Vancouver that she purchased several years ago. Details of this rental property are shown below: 4. At the beginning of 2017, Becca had a net-capital loss carry forward of $22,000 from the sale of shares in 2016. She had not disposed of any capital asset prior to 2016. Below are the assets She disposed of in 2021. Athletic Co. Shares and National Oil Shares are both publicly traded companies. 5. Becca provides you with the following receipts for child related expenses. 6. Becca and Margaret decide to sell their home in Vancouver (this is NOT the rental property) and move permanently to their home on Bowen Island. They purchased this home in 2002 for $259,800, and there have been no adjustments to the cost base. The home is sold for $716,000, and they incur real estate commissions of $29,500. As the Bowen Island cabin has also increased in value, they are choosing to designate the Vancouver property for eight of the years owned. The address of the home they sold was 1101 34th avenue, Vancouver BC, V7B 4J9. This home is 100% owned by Becca. (search for Form T2091 and select S3PrincipalResidence Detail to firstly enter details of the property. You will then return to T2091). 7. Becca made contributions to the Federal Liberal Party in the amount of $800 during the year. 8. During the year, Becca made her annual $6,200 donation to YESS, a registered Canadian charity. 9. Becca wishes to claim all her medical expenses on a calendar year basis. On December 2, 2021, Becca paid dental expenses to Dr. Gee Dental for the following individuals: Becca $2,700 Margaret 1,900 Heidi 600 James 200 10. Becca made a $5,000 contribution to her TFSA during the year. Thanks to the excellent investing advice of her gardener, the balance in her TFSA account has grown to more than $175,000 by the end of the year. 11. Becca paid instalments of $900 each for 2021, as requested on her Instalment Reminders from the CRA. She paid these instalments on March 15, June 15, Sept 15 and Dec 15th. Required: With the objective of minimizing Becca 's Tax Payable, prepare Beccas 2021 income tax return using the ProFile tax software program assuming Margaret does not file a tax return. Check figures: Line 15000 $273,527.56 Line 26000 $238,357.10 Line 42000 $46,456.35 Check figures are for you to assess how close you are to the correct numbers. Your instructor will not pre-check your work if you have not arrived at these check figures. Submit to see!