During 2021, Maria Gonzalez accepted a transfer from her current job with Acme Inc. in Charlottetown,...
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During 2021, Maria Gonzalez accepted a transfer from her current job with Acme Inc. in Charlottetown, Prince Edward Island (PEI) to a new position at Acme Inc.'s offices in Toronto. Maria and her six-year-old daughter, Lupe, moved on November 15, 2021, and Maria started work in the Toronto office on December 1, 2021. The following information is available from Maria's 2021 T4 slip from Acme Inc.: Gross salary Canada Pension Plan contributions Employment Insurance premiums Registered pension plan contributions (money purchase plan) $101,300 ($8,600 earned in Ontario) 3,166 890 3,075 (Maria's employer matches contributions) The costs Maria incurred in moving from Charlottetown to Toronto, which were NOT reimbursed by her employer, included the following: Moving company costs Lease cancellation cost in Charlottetown Hotel for two nights during drive to Toronto Gas during trip (equal to 1,700 kilometres x Canada Revenue Agency's per-km rate for PEI of $0.53) Meals during drive to Toronto (two people x $69 × two days) Legal fees on new home purchase Remodelling cost on new home $8,000 750 250 901 276 700 2,000 In 2021, Maria settled her ongoing divorce from her former spouse, Lars Larson. Maria and Lars separated and started living apart in October 2019. Maria's divorce settlement with Lars indicated that he would pay Maria $1,000 per month in child-support payments and $500 per month in spousal support beginning on July 1, 2021. By the end of December 2021, Lars had made payments totalling only $7,500. During 2021, Maria incurred the following costs for caring for Lupe: Daycare costs while Maria was at work Two weeks at a summer camp Babysitting costs while Maria worked overtime $6,000 900 1,400 In 2019, Maria bought $10,000 of Canada Savings Bonds in Lupe's name. In 2021, Lupe received a T3 for $900 interest, which included $60 of compounded interest on the interest earned in the previous year. Required: a) Determine Maria's minimum taxable income for 2021. b) Determine Maria's total non-refundable tax credits for 2021. During 2021, Maria Gonzalez accepted a transfer from her current job with Acme Inc. in Charlottetown, Prince Edward Island (PEI) to a new position at Acme Inc.'s offices in Toronto. Maria and her six-year-old daughter, Lupe, moved on November 15, 2021, and Maria started work in the Toronto office on December 1, 2021. The following information is available from Maria's 2021 T4 slip from Acme Inc.: Gross salary Canada Pension Plan contributions Employment Insurance premiums Registered pension plan contributions (money purchase plan) $101,300 ($8,600 earned in Ontario) 3,166 890 3,075 (Maria's employer matches contributions) The costs Maria incurred in moving from Charlottetown to Toronto, which were NOT reimbursed by her employer, included the following: Moving company costs Lease cancellation cost in Charlottetown Hotel for two nights during drive to Toronto Gas during trip (equal to 1,700 kilometres x Canada Revenue Agency's per-km rate for PEI of $0.53) Meals during drive to Toronto (two people x $69 × two days) Legal fees on new home purchase Remodelling cost on new home $8,000 750 250 901 276 700 2,000 In 2021, Maria settled her ongoing divorce from her former spouse, Lars Larson. Maria and Lars separated and started living apart in October 2019. Maria's divorce settlement with Lars indicated that he would pay Maria $1,000 per month in child-support payments and $500 per month in spousal support beginning on July 1, 2021. By the end of December 2021, Lars had made payments totalling only $7,500. During 2021, Maria incurred the following costs for caring for Lupe: Daycare costs while Maria was at work Two weeks at a summer camp Babysitting costs while Maria worked overtime $6,000 900 1,400 In 2019, Maria bought $10,000 of Canada Savings Bonds in Lupe's name. In 2021, Lupe received a T3 for $900 interest, which included $60 of compounded interest on the interest earned in the previous year. Required: a) Determine Maria's minimum taxable income for 2021. b) Determine Maria's total non-refundable tax credits for 2021.
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Total Income Total Expenses Gross salary 86000 3075890 Pension Plan and Employmen... View the full answer
Related Book For
Operations Management
ISBN: 978-0132687584
1st Canadian Edition
Authors: Jay Heizer, Barry Render, Paul Griffin
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