Kathryn, a 57-year-old unattached Canadian-resident with no dependants, provides you with the following information for the...

     

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Kathryn, a 57-year-old unattached Canadian-resident with no dependants, provides you with the following information for the 2023 taxation year: Employment income: Gross salary (including EI premiums and CPP contributions) Taxable employment benefits: Deemed (imputed) interest Stock option Registered pension plan ("RPP") income Business loss. RRSP contribution [2022 "earned income": $50,000] "Spousal support" payments Eligible dividend Capital loss Moving expenses (eligible) Taxable capital gains. NCL carryforward balance (1998) NOCL carryforward balance (2021) $90,000 (Note 1) (Note 2) 6,000 ( 17,400) (8,000) ( 18,000) 4,000 (22,000) (1,800) 21,000 12,000 18,000 Notes 1. 2. On February 15, 2023, Kathryn's employer provided her with an interest-free loan of $28,000 to assist with indebtedness. repayment of quarterly the The prescribed rates for 2023 are 3%, 3%, 3%, and 2% Kathryn's employer, a Non-CCPC, granted a stock option to her at Nil cost per Common Share on February 28, 2023, to purchase 2,500 Common Shares at an exercise price of $22 per Common Share when each Common Share had a fair market value ("FMV") of $21 per Common Share. On July 8, 2023, Kathryn exercised the stock option and acquired the 2,500 Common Shares when each Common Share had a FMV of $25 per Common Share Required Calculate Kathryn's net (Division B) income Kathryn, a 57-year-old unattached Canadian-resident with no dependants, provides you with the following information for the 2023 taxation year: Employment income: Gross salary (including EI premiums and CPP contributions) Taxable employment benefits: Deemed (imputed) interest Stock option Registered pension plan ("RPP") income Business loss. RRSP contribution [2022 "earned income": $50,000] "Spousal support" payments Eligible dividend Capital loss Moving expenses (eligible) Taxable capital gains. NCL carryforward balance (1998) NOCL carryforward balance (2021) $90,000 (Note 1) (Note 2) 6,000 ( 17,400) (8,000) ( 18,000) 4,000 (22,000) (1,800) 21,000 12,000 18,000 Notes 1. 2. On February 15, 2023, Kathryn's employer provided her with an interest-free loan of $28,000 to assist with indebtedness. repayment of quarterly the The prescribed rates for 2023 are 3%, 3%, 3%, and 2% Kathryn's employer, a Non-CCPC, granted a stock option to her at Nil cost per Common Share on February 28, 2023, to purchase 2,500 Common Shares at an exercise price of $22 per Common Share when each Common Share had a fair market value ("FMV") of $21 per Common Share. On July 8, 2023, Kathryn exercised the stock option and acquired the 2,500 Common Shares when each Common Share had a FMV of $25 per Common Share Required Calculate Kathryn's net (Division B) income

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