Calculate for the 2021 taxation year Ted's minimum Net Income for Tax Purposes.

Mr. Ted Mosby is a widower who lives solely off his investment income. He had the following transactions for 2021:

• Ted has a capital loss balance of $1,400 from the sale of an antique piano he sold in 2019.

• Ted sold his house that he has owned and lived in since 2009 for net proceeds of $690,000.It had cost Ted $324,000 originally.Ted has already used his principal residence exemption for the years 2012 through 2016 for a condo he sold in 2017.Ted wants to use his remaining exemption on the house gain.

• Ted invested in shares of Marvel Ltd., a private Canadian company, through his discount brokerage. In 2019, he purchased 4,000 shares for $82 per share. In 2020, he purchased another 2,000 shares for $74 per share. In 2021, Ted sold 800 of these shares for $65 per share. Ted received $2,500 in non-eligible dividends for the year from the shares.

• Ted owns shares of a Chilean company that paid $8,400 Cdn of dividend income for 2021.He only received $7,140 Cdn due to withholding taxes withheld by Chile.

• Ted enjoys collecting oil paintings, including one that he bought for $775 on a trip.However, deciding that he had too many paintings, he sold the it on EBay for $1,260.

• Ted is required to make instalment payments for his income taxes. In 2021, he paid $250 in interest for being late on an instalment payment. His total 2021 instalments were $7,000.

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To calculate Teds minimum Net Income for Tax Purposes for the 2021 taxation year we need to add up a... View the full answer