Jonathan's annual income is $90000 . His son, Benny was born in 2013 and has never been
Question:
Jonathan's annual income is $90000 . His son, Benny was born in 2013 and has never been a beneficiary of a RESP. If Jonathan opens an RESP today, and contributed $15000, how much CESG will Benny receive?
2.
Calculate the investment required, at the start of each year, to generate $100,000 in 10 years assuming an annual nominal return of 6.5% compounded annually.
5.
Sam is planning to buy a house. His gross income is $72000 and his net income is $60000. He has saved $40500 to be used for the down payment. The monthly payments based on the GDSR maximum approval ratio of 32% by his bank is $1520. The mortgage approval interest rate on a 5-year term is 1.89%. What is the maximum purchase price Sam could afford on his new house assuming a 25 year amortization?
6.
Rex is planning to buy a house. His gross income is $72000 and his net income is $60000. The monthly expenses are $250 for property taxes and $150 for heat. The GDSR maximum approval ratio is 32% by his bank. Calculate his mortgage payments on the new house
8.
What is monthly payment for a $25,000 amortized loan to purchase a car payable over 5 years at an annual interest rate of 6% compounding monthly?
Mike put the maximum allowed every year in his TFSA for 15 years. The account now has a balance of $107,900. Now he wants to start a new business and takes out $50,000. How much tax does he owe on the $50,000 if his marginal tax rate is 33%?
12.
Timothy has a gross annual income of $66000. His monthly expenses include Income taxes $1500, Food $200, Entertainment $150, Student loan $200, Car loan $450, Mortgage $1200, Property taxes $200, Heat $100. What is his TDSR?
14.For 15 years, Buddy & Ginger, saved for their only son Clive's education in a RESP. If Clive does not attend post secondary education, the best option for Buddy and Ginger is to:
15.Sandy plans to create an education fund for her daughter by investing $3500 on January of each year for the next 10 years. Using an annual nominal interest assumption of 7%, how much will the fund be worth at the end of 10 years?
Core Concepts Of Accounting Information Systems
ISBN: 9780470507025
11th Edition
Authors: Nancy A. Bagranoff, Mark G. Simkin, Carolyn Strand Norman