Georgio works for the Toronto Transit Commission and earns $65,000 yearly. In 2020 Georgio made RRSP contributions
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Question:
Georgio works for the Toronto Transit Commission and earns $65,000 yearly. In 2020 Georgio made RRSP contributions of $20,000, he was within his contribution room of $26,000. He also has a part time business operation on which he has a loss of $5,250. In the year he had a taxable capital gain of $3,250. He has $3,000 in net capital losses being carried forward from previous year.
You are required to:
Calculate Georgio's Total, Net and Taxable Income for the year 2020.
Ignore any CPP and EI contributions.
Posted Date: