Taxable Income Calculation Slide in Week 2.

(use this slide as a method and the country is Canada)

Q1. Calculate Taxable Income and Total Income Tax for Mrs. Gill.

Case 1: Mrs. Gill has the following incomes and other tax related items
Net Employment Income	$92,000.00
Loss in Business	$22,000.00
Loss in Rental Income	$16,000.00
Contribution to RRSP	$12,000.00
Capital Losses Allowed	$32,000.00
Taxable Capital Gains	$18,000.00

\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 \end{tabular}