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The following information relates to Perry Somer s financial affairs in 2 0 2 3 . Perry is employed as a salesperson and is remunerated
The following information relates to Perry Somers financial affairs in
Perry is employed as a salesperson and is remunerated by commissions. He must pay all of his own expenses. During the year, he earned commissions of $ His employer withheld income tax, EI and CPP contributions including CPP enhanced contributions of $ His expenses were as follows.
Automobile operating costs $
Entertainment meals
Convention related to his employment
Donations
Cell phone basic plan related to his employment
The personaluse portion of his automobile expense is The UCC of his automobile at the end of the previous year was $
He made the following capital transactions.
Gain loss
Shares of public corporation A $
Shares of public corporation B
Shares of Canadiancontrolled private corporation C
a small business corporation
In Perry acquired the following two residential rental properties.
Property X Property Y
Land $ $
Building
Maximum capital cost allowance was claimed in In the city expropriated property Y for $land $ building $ Perry was pleased because property Y was vacant for part of the year after a tenant vacated unexpectedly. In net rental income from both properties after all expenses but before capital cost allowance was $
Perrys other income and expenses are as follows.
Income:
Dividends Canadian public corporations $
Interest on foreign bonds net of withholding tax
Expenses:
Interest on a loan used to acquire the foreign bonds
Investment counsel fee
During the year, Perry contributed to a registered pension plan, which was matched by his employer. In addition, he contributed $ to his RRSP
Required:
Calculate Perrys minimum net income in accordance with the aggregating formula for determining net income for tax purposes.
But in this format: Paragraph a Income:
Employment Income:
Property income:
Paragraph b Capital gains & capital losses:
Paragraph c Other deductions:
Paragraph d Losses:
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