Assignment #1 - Chapter Review Problem 71.

Assignment #1 - Chapter Review Problem 71.

Assignment #1 - Chapter Review Problem 71.

Readtheinformationbelowandfollowtheinstructions.

TaxpayerInformation:

Taxpayer#1

Name: KeithDox

SIN: 805127115

DOB: August13,1989

Maritalstatus: Married

Address: 18PagePlace,YourCity,YP,X0X0X0

Note:useapostalcodeapplicabletoyourprovince(YP) Phone number: (XXX) 369-7851

Note:useanareacodeapplicabletoyourprovince(YP) Email address: k..5@rogers.ca

Taxpayer#2

Name: KatieDox

SIN: 805127123

DOB: March3,1990

Keith Dox lives with his wife, Katie. Katie's net and taxable income is $34,000. Her incomeconsistsofoneT4and$4,500intips.Shehasalreadyfiledherownreturn.

KeithandKatiesoldtheiroriginalhomelocatedat216BayfieldStreet,YourCity,YP,X7X 7X7, for $400,000 on March 31, 2023, before moving into their new home a few blocks awayattheircurrentaddress.TheyhadpurchasedthehouseonBayfieldStreettogether in 2018; they lived exclusively at that address and had not owned any other residential property during the time they owned that home. Neither Keith nor Katie changed employment last year; they moved simply because they liked the new house.

KeithhasaTangerineinvestmentaccountwhichpayshiminterest.Heneverreceivedan information slip but was able to total up the $20.30 interest he received last year from Tangerine. Keith receives income each year on a T3 slip from a trust that was set up by his father. Keith also has a Royal Bank savings account to which he contributes 25% of the funds, and Katie contributes the remaining 75%.

In2018,KeithinheritedabankaccountintheUSwithabalanceofUS$120,000fromhis uncle. At that time, the exchange rate was 1.2535. He neither contributed nor withdrew

anyamountsfromthisaccount.Accordingtothe2023bankstatements,theaccounthad a balance of US $124,000 on January 1stand US $125,240 on December 31st. The bank statements also show that the only credits on this account are for monthly interest payments. For 2023, the annual average exchange rate was 1.3497. Keith is not a US Citizen. He does not need to file a US return.

Inlate2021,Keithbought10sharesofMetroInc.Keithreceivedfourdividendpayments in 2023, each payment being $2.75, for a total of $11.00.He did not receive a slip for thisincome,andMetroInc.isaCanadiancorporationthatissueseligibledividends.Keith still has these shares and does not plan on selling them in the near future.He has a $25 receipt for management fees and a $75 receipt for investment counsel fees.

Keith always donates $300 each summer to the Terry Fox Foundation, which is a charitableorganizationregisteredwiththeCanadaRevenueAgency.Keithwantstoclaim his donation each year versus saving for a future year.This year, Keith made a $200 political contribution to the federal Liberal Party of Canada, for which he has an official receipt.

Keith'sT4andotherinformationslipsarereproducedbelow.LastyearKeithreceiveda tax refund of $1,000, including $8.50 interest on the refund. He is hoping for a refund again this year.

Keith is a Canadian citizen and he wants to answer "Yes" to the Elections Canada question.HehassignedupforMyAccount,andwouldliketoregisterforonlinemail.

KeithliveswithinaCensusMetropolitanAreainyourprovince.(YP)

Canada Revenue Agence du revenu T5 Statement of Investment Income Year Protected B / Protege B Agency du Canada Etat des revenus de placement 2023 when completed / une fois rempli Dividends from Canadian corporations = Dividendes de sockites oracionnet Federal ward - Creds federal Annee 24 Actual amgurt of elig ble dividends 25 immable amount of eligible dividends 26 Dividend tax credit for oligoin dividends 13 Interest from Canadian sources 18 Capital gains dividends 750.00 Nomant reel des dividendes determines Mortar Imposable dos divideralias Great dimpol pour dividerodes cute mines Interets do source canadienne Dividendes sur gains on capital 10 Actual amountof dividends 11 Taxable Amount of dividends 12 Dil dand tax credit for dividends other than eligible dividends other than eligible dividendh 21 Report Code 22 Recipient identification number 23 Recipient type other then globaldividends O 805 127 115 Montani neel des dividendes Montand imposable desi dividerwiles Cardi d'impli pour cividerides autres que dos dividondes delonrings Code du feuillet autres guides dividendos dolerinds Numiro d'identification du binkfaire Type de beneficiaine Other information (soo the back) Autres renseignements (lisez le dos) Box / Case Amount / Mortant Box / Case Amount / Montant Box / Case Amount / Montant Recipient's name (last name first) and address - Nom, prenom et adresse du beneficiaire Payer's name and address - Nom et adresse du payeur Dox, Keith & Katie RBC Royal Bank 18 Page Place Your City, YP, XOX OXO Currency and identification codes 27 28 29 For information, see the back. Codes de devise at didentification Foreign currency Transit - Succursale Recipient account number Pour obtenir des renseignements, Davises strangeres Numero de comple du beneficiaire lisez le dos. See the privacy notice on your return/ Consultez Tavis de confidentialite dans votre declaration. T5 (23)Employer's name - Nom de l'employeur 1+I Canada Revenue Agence du revenu Agang du Canada T4 Year Annee 2023 Statement of Remuneration Paid Etat de la remuneration payee Neat As A Pin Employer-offered Employment income Income tax deducted dontal benefits Revenus d'emple Impot sur to revenu rotonu Prestations dentaires offorlos par Fomplayour 14 48,200.00 22 45 3 Employow's CPP contributions -soo over Employon's OPP contributions = soo Grit Employer's account number / Numero de compte do femployour Copsations de l'employe au RPC -voir au verso Colisations de l'employe au RAQ - voir au verso 54 Province of employment 16 Province d'emploi 2,659.65 17 10 YP Employee's second CPP contributions -see over Employee's second OPP contributions - see over Social insurance number Exempt = Exemption Douxloro: cotsations do l'omplove au Douxiomes cobieations do for plays au PRO - Numero dassurance sociale HPC = ver au verso vor au verso 12 Employment code 16A 17A 805 127 115 Coda complol APC/RRO AE RPAP 29 El insurable earnings CPP/OPP pensionable earnings Going assurobics d'AE Gains ouvrant droit a pension - RPC/RRO 24 Employee's name and address - Nom et adresse de l'employe 48,200.00 26 48.200.00 Last name (in capital Ismore) - Nom de tomille (on homes mould or) THE name - Pronom Intal -Intale Employee's El premiums Union dues Cousations de l'employe & TAE Cotisations Syndicates Dox Keith 18 44 785.66 240 00 Protected B when completed / Protege B une fois rempli RPP contributions Charitable donations Dotisations & un APA Dons de bienfaisance 18 Page Place 20 46 554.00 Your City, YP Pension adjustment RPP or DPSP registration number Factcur d'equivalence No dagrement d'un RPA ou dun RPDB XOX OXO 52 1,108.00 50 3659573 Employee's PPIP premiums - see over PPIP insurable earings Cotsations de Temploye su RPAP - voir au verso Gains assurables da RPAP 55 56 Box - Case Amount- Montant Box - Case Amount - Montant Box - Case Amount - Montant Other information (see over) Autres Amount - Montan Box - Case Amount - Momtant BOX - GAS Amount - Montant renseignements T4 (23) (voir au verso)Canada Revenue Agence du revenu Year Agency du Canada 2023 Statement of Trust Income Allocations and Designations Annee Etat des revenus de fiducia (repartitions et attributions) T3 Actual amount of eligible dividends Taxable amount of eligible dividends Dividend tax credit for eligible dividends Capital gains Capital gains eligible for deduction Montant reel des dividendes Montant imposable des dividendes Credit dfimpot pour dividendes Gains en capital Gains en capital admissibles pour determines determines determines deduction 96.00 50 132.48 51 19.90 21 182.00 30 Actual amount of dividends other than Taxable amount of dividends other then Dividend tax credit for dividends other eligible dividends eligible dividends than eligble dividends Montantireal ous dividendes autres qua des Montant imposable des dividendes Credit dimod pour dividendes autres Other income Trust year end dividendes determines aires que des dividendes differrinks que des dividendes determines Autres revenue Fin d'annge de la fiducia 2 32 30 26 Year 23 Month Annie Mals 12 Other Information Box / Casa Amount / Montant Box / Casa Amount / Montant Footnotes - Notes (see the back) Autres renseignements (lisez le verso) Recipient's name pastime fri] and address - Nom, preson of address dubinenciaint Trust's name and address - Nom et adresse de la fiducia Protected B when completed / Protege B une fois rampli Dox, Keith Thomas Jefferson Dox Trust 18 Page Place Your City, YP XOX OXO Rockplant identification number Account number Report coda Beneficiary codo Numero didentification du beneficialra Numero de compta Code du gainre de feuillet Code du beneficialre For information, see the back. 1.2 Pour obtenir des renseignements, 805 127 115 14 T 48-9653-33 O 18 T3 (23) lisez le verso.Employer's name - Nom de l'employeur 1+I Canada Revenue Agence du revenu Agang du Canada T4 Year Annee 2023 Statement of Remuneration Paid Etat de la remuneration payee Neat As A Pin Employer-offered Employment income Income tax deducted dontal benefits Revenus d'emple Impot sur to revenu rotonu Prestations dentaires offorlos par Fomplayour 14 48,200.00 22 45 3 Employow's CPP contributions -soo over Employon's OPP contributions = soo Grit Employer's account number / Numero de compte do femployour Copsations de l'employe au RPC -voir au verso Colisations de l'employe au RAQ - voir au verso 54 Province of employment 16 Province d'emploi 2,659.65 17 10 YP Employee's second CPP contributions -see over Employee's second OPP contributions - see over Social insurance number Exempt = Exemption Douxloro: cotsations do l'omplove au Douxiomes cobieations do for plays au PRO - Numero dassurance sociale HPC = ver au verso vor au verso 12 Employment code 16A 17A 805 127 115 Coda complol APC/RRO AE RPAP 29 El insurable earnings CPP/OPP pensionable earnings Going assurobics d'AE Gains ouvrant droit a pension - RPC/RRO 24 Employee's name and address - Nom et adresse de l'employe 48,200.00 26 48.200.00 Last name (in capital Ismore) - Nom de tomille (on homes mould or) THE name - Pronom Intal -Intale Employee's El premiums Union dues Cousations de l'employe & TAE Cotisations Syndicates Dox Keith 18 44 785.66 240 00 Protected B when completed / Protege B une fois rempli RPP contributions Charitable donations Dotisations & un APA Dons de bienfaisance 18 Page Place 20 46 554.00 Your City, YP Pension adjustment RPP or DPSP registration number Factcur d'equivalence No dagrement d'un RPA ou dun RPDB XOX OXO 52 1,108.00 50 3659573 Employee's PPIP premiums - see over PPIP insurable earings Cotsations de Temploye su RPAP - voir au verso Gains assurables da RPAP 55 56 Box - Case Amount- Montant Box - Case Amount - Montant Box - Case Amount - Montant Other information (see over) Autres Amount - Montan Box - Case Amount - Momtant BOX - GAS Amount - Montant renseignements T4 (23) (voir au verso)Canada Revenue Agence du revenu T5 Statement of Investment Income Year Protected B / Protege B Agency du Canada Etat des revenus de placement 2023 when completed / une fois rempli Dividends from Canadian corporations = Dividendes de sockites oracionnet Federal ward - Creds federal Annee 24 Actual amgurt of elig ble dividends 25 immable amount of eligible dividends 26 Dividend tax credit for oligoin dividends 13 Interest from Canadian sources 18 Capital gains dividends 750.00 Nomant reel des dividendes determines Mortar Imposable dos divideralias Great dimpol pour dividerodes cute mines Interets do source canadienne Dividendes sur gains on capital 10 Actual amountof dividends 11 Taxable Amount of dividends 12 Dil dand tax credit for dividends other than eligible dividends other than eligible dividendh 21 Report Code 22 Recipient identification number 23 Recipient type other then globaldividends O 805 127 115 Montani neel des dividendes Montand imposable desi dividerwiles Cardi d'impli pour cividerides autres que dos dividondes delonrings Code du feuillet autres guides dividendos dolerinds Numiro d'identification du binkfaire Type de beneficiaine Other information (soo the back) Autres renseignements (lisez le dos) Box / Case Amount / Mortant Box / Case Amount / Montant Box / Case Amount / Montant Recipient's name (last name first) and address - Nom, prenom et adresse du beneficiaire Payer's name and address - Nom et adresse du payeur Dox, Keith & Katie RBC Royal Bank 18 Page Place Your City, YP, XOX OXO Currency and identification codes 27 28 29 For information, see the back. Codes de devise at didentification Foreign currency Transit - Succursale Recipient account number Pour obtenir des renseignements, Davises strangeres Numero de comple du beneficiaire lisez le dos. See the privacy notice on your return/ Consultez Tavis de confidentialite dans votre declaration. T5 (23)Canada Revenue Agence du revenu Year Agency du Canada 2023 Statement of Trust Income Allocations and Designations Annee Etat des revenus de fiducia (repartitions et attributions) T3 Actual amount of eligible dividends Taxable amount of eligible dividends Dividend tax credit for eligible dividends Capital gains Capital gains eligible for deduction Montant reel des dividendes Montant imposable des dividendes Credit dfimpot pour dividendes Gains en capital Gains en capital admissibles pour determines determines determines deduction 96.00 50 132.48 51 19.90 21 182.00 30 Actual amount of dividends other than Taxable amount of dividends other then Dividend tax credit for dividends other eligible dividends eligible dividends than eligble dividends Montantireal ous dividendes autres qua des Montant imposable des dividendes Credit dimod pour dividendes autres Other income Trust year end dividendes determines aires que des dividendes differrinks que des dividendes determines Autres revenue Fin d'annge de la fiducia 2 32 30 26 Year 23 Month Annie Mals 12 Other Information Box / Casa Amount / Montant Box / Casa Amount / Montant Footnotes - Notes (see the back) Autres renseignements (lisez le verso) Recipient's name pastime fri] and address - Nom, preson of address dubinenciaint Trust's name and address - Nom et adresse de la fiducia Protected B when completed / Protege B une fois rampli Dox, Keith Thomas Jefferson Dox Trust 18 Page Place Your City, YP XOX OXO Rockplant identification number Account number Report coda Beneficiary codo Numero didentification du beneficialra Numero de compta Code du gainre de feuillet Code du beneficialre For information, see the back. 1.2 Pour obtenir des renseignements, 805 127 115 14 T 48-9653-33 O 18 T3 (23) lisez le verso.Canada Revenue Agence du revenu Year Agency du Canada 2023 Statement of Trust Income Allocations and Designations Annee Etat des revenus de fiducia (repartitions et attributions) T3 Actual amount of eligible dividends Taxable amount of eligible dividends Dividend tax credit for eligible dividends Capital gains Capital gains eligible for deduction Montant reel des dividendes Montant imposable des dividendes Credit dfimpot pour dividendes Gains en capital Gains en capital admissibles pour determines determines determines deduction 96.00 50 132.48 51 19.90 21 182.00 30 Actual amount of dividends other than Taxable amount of dividends other then Dividend tax credit for dividends other eligible dividends eligible dividends than eligble dividends Montantireal ous dividendes autres qua des Montant imposable des dividendes Credit dimod pour dividendes autres Other income Trust year end dividendes determines aires que des dividendes differrinks que des dividendes determines Autres revenue Fin d'annge de la fiducia 2 32 30 26 Year 23 Month Annie Mals 12 Other Information Box / Casa Amount / Montant Box / Casa Amount / Montant Footnotes - Notes (see the back) Autres renseignements (lisez le verso) Recipient's name pastime fri] and address - Nom, preson of address dubinenciaint Trust's name and address - Nom et adresse de la fiducia Protected B when completed / Protege B une fois rampli Dox, Keith Thomas Jefferson Dox Trust 18 Page Place Your City, YP XOX OXO Rockplant identification number Account number Report coda Beneficiary codo Numero didentification du beneficialra Numero de compta Code du gainre de feuillet Code du beneficialre For information, see the back. 1.2 Pour obtenir des renseignements, 805 127 115 14 T 48-9653-33 O 18 T3 (23) lisez le verso.Canada Revenue Agence du revenu T5 Statement of Investment Income Year Protected B / Protege B Agency du Canada Etat des revenus de placement 2023 when completed / une fois rempli Dividends from Canadian corporations = Dividendes de sockites oracionnet Federal ward - Creds federal Annee 24 Actual amgurt of elig ble dividends 25 immable amount of eligible dividends 26 Dividend tax credit for oligoin dividends 13 Interest from Canadian sources 18 Capital gains dividends 750.00 Nomant reel des dividendes determines Mortar Imposable dos divideralias Great dimpol pour dividerodes cute mines Interets do source canadienne Dividendes sur gains on capital 10 Actual amountof dividends 11 Taxable Amount of dividends 12 Dil dand tax credit for dividends other than eligible dividends other than eligible dividendh 21 Report Code 22 Recipient identification number 23 Recipient type other then globaldividends O 805 127 115 Montani neel des dividendes Montand imposable desi dividerwiles Cardi d'impli pour cividerides autres que dos dividondes delonrings Code du feuillet autres guides dividendos dolerinds Numiro d'identification du binkfaire Type de beneficiaine Other information (soo the back) Autres renseignements (lisez le dos) Box / Case Amount / Mortant Box / Case Amount / Montant Box / Case Amount / Montant Recipient's name (last name first) and address - Nom, prenom et adresse du beneficiaire Payer's name and address - Nom et adresse du payeur Dox, Keith & Katie RBC Royal Bank 18 Page Place Your City, YP, XOX OXO Currency and identification codes 27 28 29 For information, see the back. Codes de devise at didentification Foreign currency Transit - Succursale Recipient account number Pour obtenir des renseignements, Davises strangeres Numero de comple du beneficiaire lisez le dos. See the privacy notice on your return/ Consultez Tavis de confidentialite dans votre declaration. T5 (23)Employer's name - Nom de l'employeur 1+I Canada Revenue Agence du revenu Agang du Canada T4 Year Annee 2023 Statement of Remuneration Paid Etat de la remuneration payee Neat As A Pin Employer-offered Employment income Income tax deducted dontal benefits Revenus d'emple Impot sur to revenu rotonu Prestations dentaires offorlos par Fomplayour 14 48,200.00 22 45 3 Employow's CPP contributions -soo over Employon's OPP contributions = soo Grit Employer's account number / Numero de compte do femployour Copsations de l'employe au RPC -voir au verso Colisations de l'employe au RAQ - voir au verso 54 Province of employment 16 Province d'emploi 2,659.65 17 10 YP Employee's second CPP contributions -see over Employee's second OPP contributions - see over Social insurance number Exempt = Exemption Douxloro: cotsations do l'omplove au Douxiomes cobieations do for plays au PRO - Numero dassurance sociale HPC = ver au verso vor au verso 12 Employment code 16A 17A 805 127 115 Coda complol APC/RRO AE RPAP 29 El insurable earnings CPP/OPP pensionable earnings Going assurobics d'AE Gains ouvrant droit a pension - RPC/RRO 24 Employee's name and address - Nom et adresse de l'employe 48,200.00 26 48.200.00 Last name (in capital Ismore) - Nom de tomille (on homes mould or) THE name - Pronom Intal -Intale Employee's El premiums Union dues Cousations de l'employe & TAE Cotisations Syndicates Dox Keith 18 44 785.66 240 00 Protected B when completed / Protege B une fois rempli RPP contributions Charitable donations Dotisations & un APA Dons de bienfaisance 18 Page Place 20 46 554.00 Your City, YP Pension adjustment RPP or DPSP registration number Factcur d'equivalence No dagrement d'un RPA ou dun RPDB XOX OXO 52 1,108.00 50 3659573 Employee's PPIP premiums - see over PPIP insurable earings Cotsations de Temploye su RPAP - voir au verso Gains assurables da RPAP 55 56 Box - Case Amount- Montant Box - Case Amount - Montant Box - Case Amount - Montant Other information (see over) Autres Amount - Montan Box - Case Amount - Momtant BOX - GAS Amount - Montant renseignements T4 (23) (voir au verso)