During the current taxation year, Ernie Fisher earned the following sources of income:

Net Employment Income	$42,600
Net Business Income	11,750
Taxable Capital Gains	9,600

 

Ernie also has the following loss carry forward balances available at the beginning of the current taxation year:

Non-capital Losses	$15,420
Net Capital Losses [(1/2)($21,000)]:	$10,500

 

Which of the following correctly lists Ernie's net income for tax purposes and minimum taxable income for the current taxation year?

Answer rating: 100% (QA)

61950 38030 net income for tax purposes is 61950 and minimum ... View the full answer