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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.

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 $32,000 plus 13% HST. The car is financed with a bank loan. From July 1, to December 31, interest costs amounted to $1,960. Wai incurred the following additional expenses relating to her automobile: Repairs and maintenance $ 300 Insurance 1,100 Gasoline 1,700 Parking while on business 420 During the period, Wai drove 15,000 kilometres, of which 12,000 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. Calculate the maximum amount that Wai can deduct from her business income for tax purposes in 2020. Show expenses as negative numbers. 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 $34,000 plus HST. 3. 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.

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