On January $12,2023,$ Desmond Doss a professional engineer, moved from Toronto to Kingston to begin employment with Camden Ltd$.,$ a large public corporation. Because of his new employment contract, Jackson requires assistance in determining his employment income for tax purposes. He has provided the following financial information:

His salary is $$98,000.$ From this, Camden deducted the appropriate income tax, Employment Insurance premiums of $$1,002,$ Canada Pension Plan contributions of $$3,754,$ registered pension plan payments of $$6,000,$ and charitable donations of $$1,200.$

Camden provides its executives with a bonus plan. Desmond's $2023$ bonus was $$20,000,$ of which $$5,000$ was received in December and the balance in March $2024.$

In November, Desmond asked his employer to loan him $$13,000$ so that he could acquire an investment. Camden advised him that it was company policy not to make loans to employees. However, they gave him the $$13,000,$ stipulating that it was an advance against his $2024$ salary, which would be reduced accordingly.

Desmond is provided with a company car, which he drove $14,000$ km for employment duties and $8,000$ km for personal use. The car is leased at $$500$ per month. Camden paid the total operating costs of $$7,000.$ The car was available for personal use throughout the year.

Desmond's moving expenses to transport his belongings to Edmonton were $$3,000.$ Camden paid this cost directly to a moving company on Desmond's behalf.

Desmond travels extensively for Camden. In December, he and his spouse used some of the travel points he had accumulated from this travel to attend his father's funeral in Montreal. As a result, he saved the normal airfare of $$400$ per ticket.

Camden pays the following additional amounts for Desmond:

Allowance $($$$300$ per month$)$ for acquiring executive apparel $3,600$

Investment counsellor fees as part of Camden's counselling program $600$

Golf club dues $($Desmond rarely uses the club to conduct business$)1,500$

Desmond pays for the following:

Dues to the engineers' association $ $1,000$

Laptop computer and printer $3,200$

Computer supplies $($paper$,$ etc.$)200$

Camden has asked each senior executive to acquire a laptop computer at their own expense for work during travel

Desmond sold $1,000$ shares of Evert Inc. $($his former employer$)$ at $$10$ per share. Evert is a Canadian$-$controlled private corporation. The shares were purchased under a stock$-$option plan in $2020$ at $$3$ per share. The appraised value at that time was $$5$ per share.

Required:

Determine Desmond's employment income for tax purposes for $2023.$

Important Instructions: Input your amounts as one number, no commas, no dollar sign, no spaces, and ROUND to the nearest dollar. $($Example: ten thousand $="10000").$ Negative amounts should be indicated with a dash $"-"$ in front. $($Example: $"-500").$ A positive number means it will INCREASE income. A negative number means it will DECREASE income.

What amount of Salary will affect Employment Income?

What amount of Bonus will affect Employment Income?

What amount of Canada Pension Plan $($CPP$)$ will affect Employment Income?

What amount of Employment Insurance $($EI$)$ will affect Employment Income?

What amount of Donations will affect Employment Income?

What amount of Loan Benefit will affect Employment Income?

What amount of Salary Advance will affect Employment Income?

What amount of the automobile's Standby Charge Benefit will affect Employment Income?

What amount of the automobile's Operating Cost Benefit will affect Employment Income?

What amount of Moving Expenses will affect Employment Income?

What amount of Airfare Expenses$/$Travel Points Benefit will affect Employment Income?

What amount of Clothing Allowance will affect Employment Income?

What amount of Investor Counsellor Fees will affect Employment Income?

What amount of Golf Club Dues will affect Employment Income?

What amount of Engineering Dues will affect Employment Income?

What amount of Laptop & Printer will affect Employment Income?

What amount of Paper Supplies will affect Employment Income?

What amount of Stock Option Benefit will affect Employment Income?

What amount of Stock Option Deduction will affect Employment Income?

What amount of Taxable Capital Gain will affect Employment Income?

What amount of Registered Pension Plan $($RPP$)$ will affect Employment Income?

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Answer rating: 100% (QA)

Lets go through each item one by one 1 Salary The full amount of Desmonds salary will affect his employment income Therefore the amount of 98000 will be included 2 Bonus The full amount of Desmonds bo... View the full answer