You, CPA, work for Artful Accounting Inc. (AAI), a CPA professional corporation. It is February 29, 2024
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Question:
Exhibit II
Mr. Oldson
- Mr. Oldson was very ill in 2023 leading up to his death. He was in and out of hospital and unfortunately never got around to filing his 2022 income tax return. In 2023, he incurred medical expense of $75,000 and in early 2023 his doctor signed form T2201 certifying Mr. Oldson as disabled
- Mr. Oldson was a widower, who owned the following assets on December 1, 2023:
FMV Tax Cost
Tax Free Savings Account (TFSA) $320,800 $195,300
Registered Retirement Income Fund (RRIF) $575,000 $247,500
Home (he lived here all his adult life) $975,000 $140,000
Mutual funds (held in a non-registered account) $151,000 $250,000
- In 2023, prior to his death Mr. Oldson earned the following net income:
Pension income $60,000 (net of $10,000 in income tax withheld)
Eligible dividends $8,000 (cash dividends received, no income tax was withheld)
- Mr. Oldson had net-capital losses carried forward from a prior year of $40,000
- In 2023 Mr. Oldson made instalment payments of $17,000
Related Book For
Auditing The Art and Science of Assurance Engagements
ISBN: 978-0133405507
13th Canadian edition
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Joanne C. Jones
Posted Date: