James Bond works for IBM as a computer consultant. He travels from plant to plant checking...

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James Bond works for IBM as a computer consultant. He travels from plant to plant checking the computer systems for IBM to keep them in order. James has provided you with the following information related to his various investment holdings and his employment income as of December 31, 2023. Salary-gross.... Less: Income taxes Less: Canada Pension Plan contributions. ..$102,690 .$34,000 ..$3,754 Less: Employment Insurance contributions ..$1,002 subtotal $63,954 $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) $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 Rental details from operation of two separate rental properties: Gross rental revenue. Utilities Property 1 Property 2 Property 3 $ 62,000 $ 52,000 $25,000 9,000 8,000 $10,000 Property taxes Repairs Mortgage interest 5,800 3,500 $8,000 4,500 9,800 $4,000 24,000 43,000 12,000 Opening UCC.. (Class 1). .Jan 1, 2023 $388,560 $565,864 see note 6A 6. Purchases made during 2023 were as follows: a) A new office building was purchased for $1,290,000. The cost of the land was $370,000 and the balance was allocated to the building. The owner rented the building so the closing date (date the owner took ownership) of September 1st, 2023 coordinated with the new business tenants who occupied the building. The details of the operations are listed above under Property 3. Property 1 was sold during 2023. The closing date of the sale was December 31, 2023. The selling price was $700,000 and the original cost of Property 1 was $530,000. b) The company had James Bond sign a contract that he uses his own car for business purposes for the company and he is required to pay directly all of the automobile expenses. A passenger vehicle was purchased on May 1, 2023 by James Bond which the company he worked for signed a T2200. The car was purchased on May 1, 2023 at a cost of $30,000 before HST (13%) and he drove it 19,000 KM for business. His full mileage for 2023 was 24,000 KM. The costs of the car, from May 1st to December 31st, 2023 are as follows: Gas, oil, and maintenance Loan interest on the car License and insurance Interest expenses paid during 2023: $9,000 2,600 4,000 $15,600 Interest on bank line of credit used for investing in shares described above Interest on loan to acquire a car for his daughter for her 18th birthday Interest on a parcel of vacant land (purchased in 2023, the land does not generate any income).... $51,000 $9,500 28,000 Based on the above, James Bond has asked you to calculate his income for the year. He would also like you to comment on the income tax implications of items not included in your calculations. James Bond works for IBM as a computer consultant. He travels from plant to plant checking the computer systems for IBM to keep them in order. James has provided you with the following information related to his various investment holdings and his employment income as of December 31, 2023. Salary-gross.... Less: Income taxes Less: Canada Pension Plan contributions. ..$102,690 .$34,000 ..$3,754 Less: Employment Insurance contributions ..$1,002 subtotal $63,954 $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) $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 Rental details from operation of two separate rental properties: Gross rental revenue. Utilities Property 1 Property 2 Property 3 $ 62,000 $ 52,000 $25,000 9,000 8,000 $10,000 Property taxes Repairs Mortgage interest 5,800 3,500 $8,000 4,500 9,800 $4,000 24,000 43,000 12,000 Opening UCC.. (Class 1). .Jan 1, 2023 $388,560 $565,864 see note 6A 6. Purchases made during 2023 were as follows: a) A new office building was purchased for $1,290,000. The cost of the land was $370,000 and the balance was allocated to the building. The owner rented the building so the closing date (date the owner took ownership) of September 1st, 2023 coordinated with the new business tenants who occupied the building. The details of the operations are listed above under Property 3. Property 1 was sold during 2023. The closing date of the sale was December 31, 2023. The selling price was $700,000 and the original cost of Property 1 was $530,000. b) The company had James Bond sign a contract that he uses his own car for business purposes for the company and he is required to pay directly all of the automobile expenses. A passenger vehicle was purchased on May 1, 2023 by James Bond which the company he worked for signed a T2200. The car was purchased on May 1, 2023 at a cost of $30,000 before HST (13%) and he drove it 19,000 KM for business. His full mileage for 2023 was 24,000 KM. The costs of the car, from May 1st to December 31st, 2023 are as follows: Gas, oil, and maintenance Loan interest on the car License and insurance Interest expenses paid during 2023: $9,000 2,600 4,000 $15,600 Interest on bank line of credit used for investing in shares described above Interest on loan to acquire a car for his daughter for her 18th birthday Interest on a parcel of vacant land (purchased in 2023, the land does not generate any income).... $51,000 $9,500 28,000 Based on the above, James Bond has asked you to calculate his income for the year. He would also like you to comment on the income tax implications of items not included in your calculations.