Mrs Williams is a salesperson handling a line of industrial products throughout Western Canada. During 2 0
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Question:
Mrs Williams is a salesperson handling a line of industrial products throughout Western Canada. During she is paid a salary of $ and receives sales commissions of $ She does not receive an allowance from her employer for any of her expenses. During the year, Mrs Williams made the following employment related expenditures:
Airline tickets $
Meals while on the road
Purchase of laptop computer
Client Entertainment
Hotels
Cost Of New Car
Operating Costs of Car
The new car was purchased on January and replaced a car which Mrs Williams had leased for several years. During Mrs Williams drove the car a total of kilometers, of which kilometers were for employment related purposes.
In addition to expenditures to earn employment income, Mrs Williams has the following additional disbursements:
Safety deposit box rent $
Alberta Blue Cross Medical Insurance Premiums
Group Life Insurance Premiums
Investment counsel fees
Mrs Williams indicates that she regularly receives discounts on her employers merchandise and, during the current year, she estimates that the value of these discounts was $
One of the suppliers of her employer paid $ to provide Mrs Williams with a one week vacation at a relaxation spa.
On April Mrs Williams employer provided her with a $ interest free loan for the purchase of a house. The prescribed interest rate was throughout In addition to her salary and commissions, her employer matched her contributions to Alberta Blue Cross and her life insurance.
Mrs Williams also has some investments that she has purchased over the past years as follows
$ two year, term deposit purchased on May
$ three year, term deposit purchased on July
shares of ABC limited shares paid a $share eligible dividend in August
shares of X Ltd shares paid a $share ineligible dividend on May
Mrs Williams also owns a rental property that rents for $ per month throughout The December rent is not received until January th Expenses include interest $ property taxes $ insurance $ and maintenance $ The UCC of the residential property on January was $
Required:
Determine Mrs Williams net income for the taxation year.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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