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The question is as follows:- Wai Yeung is a self-employed insurance saleswoman. She started her business on July 1, 2020, and ended her first taxation

The question is as follows:-

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Wai Yeung is a self-employed insurance saleswoman. She started her business on July 1, 2020, and ended her first taxation year on December 31, 2020. On July 1, she purchased a car for $35,000 plus 13% HST. The car is financed with a bank loan. From July 1, to December 31, interest costs amounted to $2,200. Wai incurred the following additional expenses relating to her automobile: Repairs and maintenance $ 600 Insurance 1,400 Gasoline 2,300 Parking while on business 700 During the period, Wai drove 20,000 kilometres, of which 18,000 kilometres were for business. Required: Complete the table below to answer the following questions. NOTE: Use months to calculate length of business year for all calculations below. 1. Calculate the maximum amount that Wai can deduct from her business income for tax purposes in 2020. Show expenses as negative numbers.Answer is complete and correct. Repairs and maintenance (600) Insurance $ (1,400) Gasoline $ (2,300) Interest $ (1,840) CCA $ (7,690) Subtotal (before prorating for business use) $ (13,830) Maximum allowable expenses (prorated for business use) $ (12,447) Parking V (700) Maximum Car deductible expense $ (13,147)2. Calculate the maximum CCA that Wai can deduct in 2021 and 2022, assuming that business kilometres driven and total kilometres driven both remain constant and that she sells her car in 2022 for $21,000 and replaces it with a new car costing $40,000 plus HST. * Answer is not complete. CCA Car Total CCA Limited to Business use 2020 2020 capital cost 33,900 CCA 2020 (7,690) 2020 Undepreciated capital cost 26,210 2021 CCA 2021 2021 Undepreciated capital cost 2022 CCA 2022 2022 Undepreciated capital cost - old car New auto Cost $ 33,900 CCA 2022 2022 Undepreciated capital cost - new Car3. Calculate CCA if Wai were employed as an insurance saleswoman, rather than self-employed. Assume work kilometres driven and total kilometres driven both remain constant and that Wai keeps her car and does not buy a second car. x Answer is not complete. CCA Total CCA limited to Work Use 2020 Car capital cost $ 33,900 CCA 2020 Undepreciated capital cost $ 18,645 2021 CCA 2021 Undepreciated capital cost 2022 CCA 2022 Undepreciated capital cost

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