What is the NIFTP? Business revenue 32,000 Business expenses 36,000 Rental revenue 4,560 Rental expenses, excl....
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What is the NIFTP? Business revenue 32,000 Business expenses 36,000 Rental revenue 4,560 Rental expenses, excl. CCA 2,430 Taxable portion of dividends received 900 Employment wages 78,000 Employment taxable benefits 2,300 Employment allowable deductions 6,500 Spousal support payments paid out 4,000 Interest income received 2,680 Allowed RRSP deduction 6,400 Allowable moving expenses 1,890 Purchase price of RIM stock 2,110 Proceeds from sale of RIM stock this year 1,410 Purchase price of bond 6,500 Proceeds from sale of bond this year 7,300 A What is the NIFTP? Business revenue 32,000 Business expenses 36,000 Rental revenue 4,560 Rental expenses, excl. CCA 2,430 Taxable portion of dividends received 900 Employment wages 78,000 Employment taxable benefits 2,300 Employment allowable deductions 6,500 Spousal support payments paid out 4,000 Interest income received 2,680 Allowed RRSP deduction 6,400 Allowable moving expenses 1,890 Purchase price of RIM stock 2,110 Proceeds from sale of RIM stock this year 1,410 Purchase price of bond 6,500 Proceeds from sale of bond this year 7,300 A
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To calculate the Net Income For Tax Purposes NIFTP you can use the following formu... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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