$$500,000$ GIC purchased November $1,2022($interest payable at maturity on

October $31,2025)$

Accrued interest from November $1,2022$ October $31,2023.........22,000$

Accrued interest from January $1,2023$ December $31,2023.........22,428$

Interest earned on his investment account $($not joint$)$ with his investment

broker $....................................................2,600$

Interest earned on $2022$ personal income tax assessment $................900$

Interest on short$-$term investments:

$$40,000$ term deposit taken out November $30,2023($interest at maturity in six months$)$

Accrued interest from December $1$ December $31,2023............270$

Interest earned on joint bank account with his spouse $($spouse contributes equally$)$

equally$)...................................................$ $$4,000$

Government of Canada Treasury Bills purchased for $$14,009$ on January $3,2023$

Amount received on maturity on December $31,2023................18,000$

Cash dividends received from investment in common shares of Canadian

Controlled private corporations $......................................36,000$

Cash dividends received from common shares in US corporations $($net of $$4,000$

of foreign withholding taxes; all in $CDN$).........................25,000$

$\mathrm{Calculate\; Income\; for\; the\; year.}$ 

Answer rating: 100% (QA)

To calculate the income for the year we need to sum up all the income received from various sources ... View the full answer