Taxable Income Calculation and Example:

Calculate Taxable Income and Income Tax on the Taxable Income using the methodology provided in Taxable Income Calculation

a)

Mr. Comfort has following incomes and other items
Employment Income (Salary)	$123,480.00
Interest On Loan Provided	$4,622.00
Capital Gains on Shares Sold	$48,492.00
Capital Losses Alowed	$4,835.00
Contribution to RRSP	$9,372.00
Contribution to TFSA	$5,040.00

b) Mr. Ray has the following incomes and other tax related itemsNet Business Income$72,438.00Salary from job$21,546.00Rental Income from Appartment$14,400.00Contribution to RRSP$18,590.00Capital Losses Allowed$2,370.00Gains in TFSA investments$3,429.00.

c) Mr. Kay has the following incomes and other tax-related itemsNet Business Income$25,782.00Salary from job$38,990.00Rental Income from Appartment$11,807.00Contribution to RRSP$8,684.00Capital Losses Allowed$6,142.00.

\begin{tabular}{|l|l|} \hline Incomes / Losses & Effects on Taxable Income Calculation \\ \hline Employment Income & Added to Taxable Income \\ \hline Capital Income/Gains & 50% of the Amount is Added to the Taxable Income \\ \hline Capital Losses & Deducted from Taxable Income \\ \hline Business Profit/Income & Added to Taxable Income \\ \hline Business Losses & Deducted from Taxable Income \\ \hline Contribution to RRSP & Deducted from Taxable Income \\ \hline Contribution to TFSA & No change in Taxable Income \\ \hline Rental Income & Added to Taxable Income \\ \hline Rental Loss & Deducted from Taxable Income \\ \hline Interest on Loan Given & Added to Taxable Income \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline Incomes / Losses & Effects on Taxable Income Calculation \\ \hline Employment Income & Added to Taxable Income \\ \hline Capital Income/Gains & 50% of the Amount is Added to the Taxable Income \\ \hline Capital Losses & Deducted from Taxable Income \\ \hline Business Profit/Income & Added to Taxable Income \\ \hline Business Losses & Deducted from Taxable Income \\ \hline Contribution to RRSP & Deducted from Taxable Income \\ \hline Contribution to TFSA & No change in Taxable Income \\ \hline Rental Income & Added to Taxable Income \\ \hline Rental Loss & Deducted from Taxable Income \\ \hline Interest on Loan Given & Added to Taxable Income \\ \hline \end{tabular}