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She sold two parcels of land she had inherited from her grandmother in 2020. The fair market value at the time of inheritance and the proceeds are outlined below. She entered into a financing arrangement with the buyer of parcel B to receive a 30% down payment in the year of sale, 30% in the year following the sale and the remaining 40% the year thereafter. Templates to calculate gains and losses are provided in note 3. FMV at time of inheritance Proceeds Parcel A 94,626 60,989 Parcel B 834,499 960,787 She was requested to relocate by her employer and agreed, thinking moving to a smaller center may be better to raise a child. For this reason she agreed to relocate from Toronto to Sarnia. She owned the home she sold in Toronto for nine years. She would like to utilize the principal residence exemption for this transaction. During the 9 years she also owned a condo for four years and used the principal residence to fully exempt the gain. Costs associated with the move, and sale of her residence are contained in note 4. Emmy will use the simplified method of determining vehicle and food costs in calculating her moving expenses. Assume that the relevant flat rate for vehicle expenses is $0.53 for Ontario, and the flat rate for meals is $51 per person per day. Required: Complete Emmy's net income for tax calculation, showing all of your work in the templates provided. 103,037 1,880 Income under ITA 3(a) Net Employment Income Interest income Income under ITA 3(b) Taxable Capital Gains Allowable Capital Losses Subtotal 3(a) + 3(b) Deductions under ITA 3(c) Childcare Expenses Moving Expenses RRSP Deduction Subtotal 3(c) Deduction under ITA 3(d) Net Business Income (Loss) Net Income for tax purposes (23,639) D Required: Complete all of the templates, inputting your figures into the blue boxes. Where there is an impact to Emmy's net income, include/deduct this amount above. G H Note 1: RRSP Deduction Amount Income Sources 2020 unused deduction limit 2020 pension adjustment 2020 earned income for RRSP Undeducted contributions from prior years RRSP Contribution 58,964 27,148 108,232 13,576 21,033 Unused deduction room (2020) +18% of prior year earned income or $27,830 Less Pension Adjustment 2021 RRSP Deduction Limit She sold two parcels of land she had inherited from her grandmother in 2020. The fair market value at the time of inheritance and the proceeds are outlined below. She entered into a financing arrangement with the buyer of parcel B to receive a 30% down payment in the year of sale, 30% in the year following the sale and the remaining 40% the year thereafter. Templates to calculate gains and losses are provided in note 3. FMV at time of inheritance Proceeds Parcel A 94,626 60,989 Parcel B 834,499 960,787 She was requested to relocate by her employer and agreed, thinking moving to a smaller center may be better to raise a child. For this reason she agreed to relocate from Toronto to Sarnia. She owned the home she sold in Toronto for nine years. She would like to utilize the principal residence exemption for this transaction. During the 9 years she also owned a condo for four years and used the principal residence to fully exempt the gain. Costs associated with the move, and sale of her residence are contained in note 4. Emmy will use the simplified method of determining vehicle and food costs in calculating her moving expenses. Assume that the relevant flat rate for vehicle expenses is $0.53 for Ontario, and the flat rate for meals is $51 per person per day. Required: Complete Emmy's net income for tax calculation, showing all of your work in the templates provided. 103,037 1,880 Income under ITA 3(a) Net Employment Income Interest income Income under ITA 3(b) Taxable Capital Gains Allowable Capital Losses Subtotal 3(a) + 3(b) Deductions under ITA 3(c) Childcare Expenses Moving Expenses RRSP Deduction Subtotal 3(c) Deduction under ITA 3(d) Net Business Income (Loss) Net Income for tax purposes (23,639) D Required: Complete all of the templates, inputting your figures into the blue boxes. Where there is an impact to Emmy's net income, include/deduct this amount above. G H Note 1: RRSP Deduction Amount Income Sources 2020 unused deduction limit 2020 pension adjustment 2020 earned income for RRSP Undeducted contributions from prior years RRSP Contribution 58,964 27,148 108,232 13,576 21,033 Unused deduction room (2020) +18% of prior year earned income or $27,830 Less Pension Adjustment 2021 RRSP Deduction Limit
