Applicable (2020) T1 forms and schedules must be used to complete this case. Ted Jacobs (SIN: 123

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Applicable (2020) T1 forms and schedules must be used to complete this case. Ted Jacobs (SIN: 123 456 789; date of birth: August 2, 1992). He is married to Holly (SIN 987 654 321). They are newly married and live at 123 Main Street, Toronto Ontario M1X 0X0. Ted approached you and asked your help to prepare his Individual T-1 tax return for 2020. Ted Jacobs provided you with additional information for the period ending December 31, 2020 as given below:

A. This year (2020), Ted Jacobs, started a job as a graphic artist at Grand Designs Corp. During the year 2020, he earned $50,000 and his employer sent him a T4 information slip (Please refer to the T4 Slip for details).

B. During the year, Ted contributed $5,000 to a registered retirement savings plan (RRSP) at his local bank. Ted has determined that he has the RRSP deduction limit to claim the full amount on his tax return. He has a $15,000 RRSP deduction limit.

C. Holly's only income for the year was $9,000 of employment income.

D. Ted also received $40 interest from his savings account at the CIBC bank. He did not receive a T5 information slip for this amount (Note: Bank does not issue information slip for an amount less than $50). E. Ted Jacobs paid Property Tax of $2,800 in 2020 for his principal residence. F. Ted rented his mortgage-free condo (he solely owns) located at 606-99 Princess Street in Kingston to a student for $600 per month. His expense was the monthly maintenance fee of $180.00 and the Property Tax for 2020 was $1,500. G. As a side business, he creates greeting cards (after office hours at work) and sells them to Shoppers Drug Mart. For the year 2020, his sales amounted to $14,000 and the materials cost him $7,260.00. He had no other direct or indirect expenses that he could attribute to his side-business.

To complete this return, the following information slips received for 2020 are provided herewith  T4 slip from Grand Designs Corp.