Harry Daffodil is a 3 rd year accounting student at Kwantlen and also works part - time
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Question:
Harry Daffodil is a rd year accounting student at Kwantlen and also works parttime as a
bookkeeper for a plant store in Surrey. He would like you to prepare his tax return and
has provided you with the following information:
a The following amounts relate to Harrys employment in the year:
a $ gross salary
b $ employer contribution to RPP
c Harry used his staff discount to purchase plants and horticultural equipment
during the year. The retail price was $ but, with his staff discount,
Harry only had to pay $ The original cost to the company was $
d $ employer contribution to employee private medical plan
e In Dec the Company declared a $ Christmas bonus to all employess
which it paid in January The previous years bonus for of $ was
paid in January
f $ Cinemax Odeon gift card for meeting the Fall season sales targets.
g $ automobile allowance for delivering plants at work. The allowance was
based on the kilometres driven for work multiplied by the Companys
$km rate.
h The company withheld and submitted to the government $ in federal
taxes.
b Harry is a fulltime student. During he paid $ for tuition to KPU, purchased
$ in textbooks and paid $ for the KPU transit pass.
c He also had the following tax credits: Personal $; Canada Employment $
CPP $ EI $
d Harry travelled to Puerto Vallarta, Mexico in August and earned $ in cash
working at a bar for a few weeks.
e In May He received a cheque for $ from his RESP of which $
represented RESP plan growth and grants and $ represented a portion of the
original contribution. He still has $ remaining in the RESP of which $
represents growthgrants and $ represents the original contribution.
f For his outstanding academic performance his old high school provides him with a
$ scholarship each year. The $ for this year was paid in September
g Harry purchased $ worth of shares listed on the TSE in a marijuana distribution
company on Feb He subsequently sold the shares on November th for
$ He has a net capital loss of $ available from a failed investment in a
blockchain company in
h He contributed $ to his RRSP in May all of this amount is deductible.
Please help Harry with the following and ignore GSTHST provincial taxes and
provincial credits:
Calculate his net income for tax purposes using the S ordering rules
Calculate his taxable income
Calculate his taxes payable before credits
Calculate his taxes payable after credits
Provide his filing and payment dates
Harry is wondering if he should claim the tuition credit or pass it along to his mother
for her to use. Please provide him with tax advise on his RESP as well as any other
relevant tax advise you can think of
Cite your sources and support your conclusions where appropriate ie grey areas,
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