HAND IN ASSIGNMENT #$1($CHAPTER $1-3)$

$10\%$ OF FINAL GRADE

DUE Feb $7^{TH},2024,11$:$59$ PM VLA MOODLE DROPBOX

Mr$.$ John Planner CPA, CFP is a Certified Financial Planner $($CFP$)$ with many years of successful experience. In $2023,$ he decided that he was not adequately appreciated in his current position with a large financial institution in Kapuskasing, Ontario. Given this, he resigned on November $1,2023.$

After several months of investigation, he accepted employment with Retirement Planners Ltd$.($RPL$),$ a CCPC located in Niagara on the Lake, Ontario. He commenced working for RPL on May $1,2024.$

He owned a home in Sudbury which he had acquired several years ago for $$575,000.$ Because of the depressed real estate market in this area, he was eventually forced to sell the property for $$475,000$ in October, $2023,$ resulting in a $$100,000$ loss on this property.

Because of the uncertainty surrounding the sale of his Sudbury property, he moved into an apartment when he arrived in Niagara On the Lake on May $1,2024.$ The apartment was rented on a monthly basis until November $30,2024.$ After he accepts an offer to purchase her Sudbury house, she finds a home in London that she purchases on November $1,2024$ for $$620,000.$ She moves into this new home on December $1,2024.$

Other information relevant to $2023$ is as follows:

Because of her strong professional reputation, RPL paid her a signing bonus of $$12,000.$ The signing bonus was paid on June $1,2023.$

During the period May $1,2023$ through December $31,2023,$ John earned salary of $$124,000.$ Of these earnings, $$120,125$ was paid in $2023$ with the remainder of $$3,875$ paid in $2024.$ The Company withheld the following amounts from her salary:

$\backslash$table$[[$Income Taxes,$$18,650$