H sold land to his sibling for $220,000. The land is used for farming and at the time of the sale had a market value of $260,000. Two years after the sale the sibling sold the land for $300,000. What amount is included in the sibling's net income for tax purposes from the sale of the land?


2. B had earned income of $70,000 in 2021 and $90,000 in 2022. At the end of 2021 their pension adjustment was $2,000 and their unused RRSP deduction room was $4,000. What is B's maximum RRSP deduction in 2022?

3. In the current year J gifted shares of a public corporation to her child who is 16 years old. The shares, that originally cost $12,000, had a market value of $18,000 at the time of the gift. Later in the same year, the child received an eligible dividend of $300 from the public corporation and then sold the shares for $28,000. What amount, if any, is included in J's net income for tax purposes in the year?
 

4. In the current year F moved from Edmonton to Calgary to work at his employer's head office. He incurred the following expenses related to the move: moving company to pack and move belongings $9,000, sales commission on sale of Edmonton home $20,000, utility and property tax costs of Edmonton home subsequent to moving but prior to sale $6,000, land transfer tax to purchase new home in Calgary $8,000, and legal fee to sell Edmonton home $1,000. F's salary in the current year was $110,000 of which $36,000 was earned while living in Calgary. What is the maximum amount that can be deducted from F's income for tax purposes in the current year?

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Lets calculate the tax implications for each scenario step by step 1 Siblings Land Sale H sold the land to the sibling for 220000 which is below the m... View the full answer