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The follawing information relates to Perry Somer's financial affilirs in 2 0 2 3 . Perry la employed as a salesperson and is remunersted by
The follawing information relates to Perry Somer's financial affilirs in
Perry la employed as a salesperson and is remunersted by commisalona. He must psy all of his own expenaea. During the year, he
earned commlssions of $ His employer withleld income tsx E snd CPP contributions Including CPP enhanced
contrbutions of $; His expense: were sa follows.
Autonchsie coperating cosits
Entertainment ncals
Comention related to his eqployent
Donations
Cell phone basic plan rolated to his employent
The persanaluse portion of his autamable expense is The UCC of his sutomobile at the end af the previous year ws: $
He mode the following capital transactions.
Shares of public corporation A
Shares of public corporation
Shares of Caradiancantrolled private corporation
a seall business corporation
In Perry scquired the following two reaidentisl rental properties.
Maximum copital cost allowance was claimed in In the city expropriated property for $iland $
building $ Perry was plessed becsuse property was vecant for part of the year after o tensent vacated unexpectedly. In
net rental income from both properties ater all expenses but before capital cost allawsence was $
Perry's other income and expenses sre ss follaws.
Incone:
oividerds Canadian public corporations
Interest forelgn bonds witholding tax $
Expenses:
Interest on a loan used to acquire the foroign bonds e
Imestment counsel foe
During the yesr, Perry contributed to a reglatered pension plan, which was matched by his emplayer In sddition, he
contributed $ to hls RRSP
Required:
Calculate Perry's minimum net income in sccordsnce with the sggregsting formula for determining net income for tax purpoces.
Paragraph a Inoome:
Employmant insome:
Property inoome:
Paragraph b Capital cainc & oapital ioccec:
Paragraph Othar daduotione:
Paragraph d Loccec:
Nast income for Tax purposes
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