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de marketing manager and corporate director debe and benefits from his employer during 2021. The conoratiou is based out of corporation babout Jake's pay is as follows: Das gros S150.000 Parell deductions: Income taxes $38,000 Canada Pension Plan 3,166 premium Employment Insurance 890 premium Employee contribution to 3.000 Registered Pension Plan Union pues 300 Employee portion of group 600 _(45.956) health premiums $104.044 Net pay 2. A bonus was declared by ATW at the end of 2021. Jake was entitled to a bonus of $21,000. ATW told Jake that he would be paid the bonus in February 2022 3. Jake exercised a stock option to buy 1,000 shares of ATW at $25 per share. The fair market values at the date of grant (August 2020) and purchase (July 2021) were $24 per share and $27 per share, respectively, Also, in 2021, Jake was granted an option on an additional 1,000 shares, which had a fair market value of $29 per share at the time. The exercise price is $26. The company paid a cash gift of $350 to Jake to celebrate his birthday. und bis spons were provided with access the company's condo in the Adirondacks in Upstate declared by ATW at the end of 2021. Jake was entitled to a bonus of $21,000. ATWO heuld be paid the bonus in February 2022. exercised a stock option to buy 1.000 shares of ATW at $25 per share. The fair market values at the date of grant (August 2020) and purchase (July 2021) were $24 per share and S27 per share, respectively, Alice in 2021. Jake was granted an option on an additional 1,000 shares, which had a fair market value of $39 pet share at the time. The exercise price is $26. The company paid a cash gift of S350 to Jake to celebrate his birthday, Jake and his spouse were provided with access the company's condo in the Adirondacks in Upstate New York for two weks during the Fall hiking season. They had to pay ATW $1,700 for accommodations that kould otherwise have cost them $3,500. Jake was not involved in any business activities during this trip Jake's spouse accompanied him on a business trip to the Cayman Islands that was paid for by his employer. The main purpose of the trip was for Jake to work with a customer. His spouse performed no basiness function during the trip. They did not extend their trip to include a vacation. Jake's expenditures of $5,000, including applicable taxes, were paid by ATW and were reasonable in relation to the business function. The portion of the travelling expenses related to Jake's spouse were also paid by ATW and amounted to $1.500, including applicable taxes. 7. During 2021. ATW paid for Jake to have his income 2020 tax return prepared by the company's accountants at a cost of $450, including HST. W provided lake with a car throughout all of 2021. Information about the car is as follows: Canal de Cibe cat including applicable taxes $46,450 machids upplicable tatt AT paid for Jake to have his income 2020 tax return prepared by the best of $450. including HIST. poded Jake with a car throughout all of 2021. Information about the car is as follows $46,450 4.300 Capital cost of the car including applicable taxes Orating costs paid by the company Kilometres driven in 2021 as per Jake's log: Employment use km Personal use km Amount paid by Jake to ATW for personal use at $0.20 per Kilometre (3.300 km * $0.20) 6.700 3,300 660 ATW puid Jake an allowance of $18,000 to cover the cost of moving from Montreal, Quebec, to Woodstock, Ontario, plus a $35,000 payment in respect of an actual loss on the sale of his former home Jake was not required to provide any receipts to the employer for the moving allowance and he did not have to certify in writing that he spent the allowance on his moving costs. 10 ATW paid for a financial advisor to provide Jake with retirement planning advice costing S1000. including applicable taxes. 11. During the holiday season in 2021, ATW gave all of its employees, Jake included, a down winter jacket gift that cost the company S300, including applicable taxes. Required: Ealculate Jake's minimum employment income for 2021 in accordance with the provisions of the Fland CRA's administrative positions. Show all calculations whether or not they seem relevant required to provide any receipts to the employer for the moving allowance and he didner cenils in writing that he spent the allowance on his moving costs. ATW paid for a financial advisor to provide Jake with retirement planning advice costing $1000 including applicable taxes. 1. During the holiday season in 2021, ATW gave all of its employees. Jake included, a down winter jacket as a gift that cost the company S300, including applicable taxes. Required: Calculate Jake's minimum employment income for 2021 in accordance with the provisions of the Act and CRA's administrative positions. Show all calculations whether or not they seem relevant to the final answer b. If any items are omitted from your calculation, provide a brief explanation on why the item was omitted. Paragraph B 1 UVA 11 ou + de marketing manager and corporate director debe and benefits from his employer during 2021. The conoratiou is based out of corporation babout Jake's pay is as follows: Das gros S150.000 Parell deductions: Income taxes $38,000 Canada Pension Plan 3,166 premium Employment Insurance 890 premium Employee contribution to 3.000 Registered Pension Plan Union pues 300 Employee portion of group 600 _(45.956) health premiums $104.044 Net pay 2. A bonus was declared by ATW at the end of 2021. Jake was entitled to a bonus of $21,000. ATW told Jake that he would be paid the bonus in February 2022 3. Jake exercised a stock option to buy 1,000 shares of ATW at $25 per share. The fair market values at the date of grant (August 2020) and purchase (July 2021) were $24 per share and $27 per share, respectively, Also, in 2021, Jake was granted an option on an additional 1,000 shares, which had a fair market value of $29 per share at the time. The exercise price is $26. The company paid a cash gift of $350 to Jake to celebrate his birthday. und bis spons were provided with access the company's condo in the Adirondacks in Upstate declared by ATW at the end of 2021. Jake was entitled to a bonus of $21,000. ATWO heuld be paid the bonus in February 2022. exercised a stock option to buy 1.000 shares of ATW at $25 per share. The fair market values at the date of grant (August 2020) and purchase (July 2021) were $24 per share and S27 per share, respectively, Alice in 2021. Jake was granted an option on an additional 1,000 shares, which had a fair market value of $39 pet share at the time. The exercise price is $26. The company paid a cash gift of S350 to Jake to celebrate his birthday, Jake and his spouse were provided with access the company's condo in the Adirondacks in Upstate New York for two weks during the Fall hiking season. They had to pay ATW $1,700 for accommodations that kould otherwise have cost them $3,500. Jake was not involved in any business activities during this trip Jake's spouse accompanied him on a business trip to the Cayman Islands that was paid for by his employer. The main purpose of the trip was for Jake to work with a customer. His spouse performed no basiness function during the trip. They did not extend their trip to include a vacation. Jake's expenditures of $5,000, including applicable taxes, were paid by ATW and were reasonable in relation to the business function. The portion of the travelling expenses related to Jake's spouse were also paid by ATW and amounted to $1.500, including applicable taxes. 7. During 2021. ATW paid for Jake to have his income 2020 tax return prepared by the company's accountants at a cost of $450, including HST. W provided lake with a car throughout all of 2021. Information about the car is as follows: Canal de Cibe cat including applicable taxes $46,450 machids upplicable tatt AT paid for Jake to have his income 2020 tax return prepared by the best of $450. including HIST. poded Jake with a car throughout all of 2021. Information about the car is as follows $46,450 4.300 Capital cost of the car including applicable taxes Orating costs paid by the company Kilometres driven in 2021 as per Jake's log: Employment use km Personal use km Amount paid by Jake to ATW for personal use at $0.20 per Kilometre (3.300 km * $0.20) 6.700 3,300 660 ATW puid Jake an allowance of $18,000 to cover the cost of moving from Montreal, Quebec, to Woodstock, Ontario, plus a $35,000 payment in respect of an actual loss on the sale of his former home Jake was not required to provide any receipts to the employer for the moving allowance and he did not have to certify in writing that he spent the allowance on his moving costs. 10 ATW paid for a financial advisor to provide Jake with retirement planning advice costing S1000. including applicable taxes. 11. During the holiday season in 2021, ATW gave all of its employees, Jake included, a down winter jacket gift that cost the company S300, including applicable taxes. Required: Ealculate Jake's minimum employment income for 2021 in accordance with the provisions of the Fland CRA's administrative positions. Show all calculations whether or not they seem relevant required to provide any receipts to the employer for the moving allowance and he didner cenils in writing that he spent the allowance on his moving costs. ATW paid for a financial advisor to provide Jake with retirement planning advice costing $1000 including applicable taxes. 1. During the holiday season in 2021, ATW gave all of its employees. Jake included, a down winter jacket as a gift that cost the company S300, including applicable taxes. Required: Calculate Jake's minimum employment income for 2021 in accordance with the provisions of the Act and CRA's administrative positions. Show all calculations whether or not they seem relevant to the final answer b. If any items are omitted from your calculation, provide a brief explanation on why the item was omitted. Paragraph B 1 UVA 11 ou +