Assessment 4 XCO assessment. If you're unsure of your response for a question you may select the checkbox under the number and this question will also be listed on the summary page so you can easily go back to it Questions 66 70 are based on the Salim and Lathika Ilussein case study Salim and Lathika Hussein have been married for two years. Salim is 47 years old; Lathika is 42 years of age. Lathika is a chartered accountant and earns a salary of $120,000. Salim is a bus driver for city transit and was a salary of 562,500. His salary last year was $60,200 Currently, Salim and Lathika live in an apartment however, they are saving in the hopes of purchasing their own home in the near Muture. When they do make the purchase the property will be registered in both names a joint tenants. Lathika didown her own home in partnership with her ex husband during her previous marriage however, that property was sold three years ago as part of her divorce settlement. Salim has never owned a home that he has used as his principal residence Lathika has an RRSP to which she makes regular contribution. There was however a period of four years during which she did not contribute the maximum amount permitted and consequently, she has accumulated a carryforward of $19,400. Lathika's RRSP has a current market value of $295,000. Assume the RRSP contribution limit for last year was $26,230 and the limit for this year 19 526,500 Lathika is a member of her company's defined benefit registered pension plan. The RPP is a best- earning plan where a 1.5 unit percentage is applied to the average of the best five years of pensionable service Salim and Lathika have a joint non-registered investment account with a fair market value of 586,000. Earlier this year, Salim and Lathika purchased a townhouse which they use strictly as rental property. The townhouse is also registered in both names as joint tenants What is Lathika's RRSP contribution room for this year? Source of income This Year Last Year net income from mployment 5134.000 5128.000 deductible alimony payments paid out $ 9,000 59,000 child support payment paid out 18.000 50.000 net rental income (los) Camounts reflect this allocation based on 50 Ownership Interest in the rantal property is 0.750) 10.100 contributions to defined benen RI (employee portion only) 10.096 5 10. 201 interest income from a GIC 52330 5 20 table capital gains from the sale of mutual fund shares 2017 ? 2 $ 96 1 3 3 4 5 6 7 8 9 0 1 Q W E R Y FRON lock A S D F. G H J > Z X C V B N M Assessment XC part or ner givorce settiment. Salm nas never owned a nome that he nas used as tus principar residence Lathika has an RRSP to which she makes regular contributions. There was however a period of four years during which she did not contribute the maximum amount permitted and consequently, she has accumulated a carryforward of $19,400. Lathika's RRSP has a current market value of $295,000. Assume the RRSP contribution limit for last year was $26,230 and the limit for this year is $26.500 Lathika is a member of her company's defined benefit registered pension plan. The RPP is a best earnings plan where a 1.5% unit percentage is applied to the average of the best five years of pensionable service, Salim and Lathika have a joint non-registered investment account with a fair market value of $86,000. Earlier this year, Salim and Lathika purchased a townhouse which they use strictly as a rental property. The townhouse is also registered in both names as joint tenants. What is Lathika's RRSP contribution room for this year? Source of income This Year Last Year net income from employment 5134,000 5128,000 deductible alimony payments paid out $9.000 $ 9,000 child support payments paid out $ 18,000 5 18.000 net rental income (loss) (amounts reflect Lathika's allocation based on 50% ownership Interest in the rental property 5 6.750) ($10,100) contributions to defined benefit RPP (employee portion only) $ 10,696 $ 10,207 interest income from a GIC 2.350 5620 taxable capital gains from the sale of mutual fund shares $ 49,275 {$31.970) b) $19,912 522 323 $24.270 $29.704 d has $ 4 96 5 & 7 3 2 7 6 UT B P 1 Q ab N E T R Y K H G caps lock F S D M Assessment 4 XCO assessment. If you're unsure of your response for a question you may select the checkbox under the number and this question will also be listed on the summary page so you can easily go back to it Questions 66 70 are based on the Salim and Lathika Ilussein case study Salim and Lathika Hussein have been married for two years. Salim is 47 years old; Lathika is 42 years of age. Lathika is a chartered accountant and earns a salary of $120,000. Salim is a bus driver for city transit and was a salary of 562,500. His salary last year was $60,200 Currently, Salim and Lathika live in an apartment however, they are saving in the hopes of purchasing their own home in the near Muture. When they do make the purchase the property will be registered in both names a joint tenants. Lathika didown her own home in partnership with her ex husband during her previous marriage however, that property was sold three years ago as part of her divorce settlement. Salim has never owned a home that he has used as his principal residence Lathika has an RRSP to which she makes regular contribution. There was however a period of four years during which she did not contribute the maximum amount permitted and consequently, she has accumulated a carryforward of $19,400. Lathika's RRSP has a current market value of $295,000. Assume the RRSP contribution limit for last year was $26,230 and the limit for this year 19 526,500 Lathika is a member of her company's defined benefit registered pension plan. The RPP is a best- earning plan where a 1.5 unit percentage is applied to the average of the best five years of pensionable service Salim and Lathika have a joint non-registered investment account with a fair market value of 586,000. Earlier this year, Salim and Lathika purchased a townhouse which they use strictly as rental property. The townhouse is also registered in both names as joint tenants What is Lathika's RRSP contribution room for this year? Source of income This Year Last Year net income from mployment 5134.000 5128.000 deductible alimony payments paid out $ 9,000 59,000 child support payment paid out 18.000 50.000 net rental income (los) Camounts reflect this allocation based on 50 Ownership Interest in the rantal property is 0.750) 10.100 contributions to defined benen RI (employee portion only) 10.096 5 10. 201 interest income from a GIC 52330 5 20 table capital gains from the sale of mutual fund shares 2017 ? 2 $ 96 1 3 3 4 5 6 7 8 9 0 1 Q W E R Y FRON lock A S D F. G H J > Z X C V B N M Assessment XC part or ner givorce settiment. Salm nas never owned a nome that he nas used as tus principar residence Lathika has an RRSP to which she makes regular contributions. There was however a period of four years during which she did not contribute the maximum amount permitted and consequently, she has accumulated a carryforward of $19,400. Lathika's RRSP has a current market value of $295,000. Assume the RRSP contribution limit for last year was $26,230 and the limit for this year is $26.500 Lathika is a member of her company's defined benefit registered pension plan. The RPP is a best earnings plan where a 1.5% unit percentage is applied to the average of the best five years of pensionable service, Salim and Lathika have a joint non-registered investment account with a fair market value of $86,000. Earlier this year, Salim and Lathika purchased a townhouse which they use strictly as a rental property. The townhouse is also registered in both names as joint tenants. What is Lathika's RRSP contribution room for this year? Source of income This Year Last Year net income from employment 5134,000 5128,000 deductible alimony payments paid out $9.000 $ 9,000 child support payments paid out $ 18,000 5 18.000 net rental income (loss) (amounts reflect Lathika's allocation based on 50% ownership Interest in the rental property 5 6.750) ($10,100) contributions to defined benefit RPP (employee portion only) $ 10,696 $ 10,207 interest income from a GIC 2.350 5620 taxable capital gains from the sale of mutual fund shares $ 49,275 {$31.970) b) $19,912 522 323 $24.270 $29.704 d has $ 4 96 5 & 7 3 2 7 6 UT B P 1 Q ab N E T R Y K H G caps lock F S D M