In 2021, William Barker, who is single, earned the following income and incurred the following losses:...

  

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In 2021, William Barker, who is single, earned the following income and incurred the following losses: Employment income Business loss Taxable capital gains Property income (interest) Allowable capital loss from the sale of shares of public corporations Allowable capital loss from the sale of shares of a CCPC that qualifies as a small business corporation At the end of 2020, William had: 1. unused net capital losses of $ 17,000 and 2. unused non-capital losses of $38,000. William does not want to pay any federal tax in 2021. For 2021, William does not want to pay any federal tax in is entitled to 1. a deduction for CPP enhanced contributions of $68, 2. the basic personal tax credit $13,808, 3. the Canada employment credit $1,257 and 4. the CPP & El credit amount of $921. $ 17,000 $ (4,500) $ 6,000 17,000 $(10,000) $ (3,000) 2. Calculate the maximum amount of non-capital losses and net capital losses remaining for carry-forward after 2021? (Reductions to the loss balances should be entered as negative amounts. All other inputs should be entered as positive amounts.) Net capital loss loss carryforward beginning of year Plus Net -capital losses unused this year Net - capital losses remaining at end of year Non-capital loss carryforward beginning of year Less Non-capital losses used this year Non- capital losses remaining at end of year $ $ $ $ $ 17,000 4,000 21,000 38,000 38,000 In 2021, William Barker, who is single, earned the following income and incurred the following losses: Employment income Business loss Taxable capital gains Property income (interest) Allowable capital loss from the sale of shares of public corporations Allowable capital loss from the sale of shares of a CCPC that qualifies as a small business corporation At the end of 2020, William had: 1. unused net capital losses of $ 17,000 and 2. unused non-capital losses of $38,000. William does not want to pay any federal tax in 2021. For 2021, William does not want to pay any federal tax in is entitled to 1. a deduction for CPP enhanced contributions of $68, 2. the basic personal tax credit $13,808, 3. the Canada employment credit $1,257 and 4. the CPP & El credit amount of $921. $ 17,000 $ (4,500) $ 6,000 17,000 $(10,000) $ (3,000) 2. Calculate the maximum amount of non-capital losses and net capital losses remaining for carry-forward after 2021? (Reductions to the loss balances should be entered as negative amounts. All other inputs should be entered as positive amounts.) Net capital loss loss carryforward beginning of year Plus Net -capital losses unused this year Net - capital losses remaining at end of year Non-capital loss carryforward beginning of year Less Non-capital losses used this year Non- capital losses remaining at end of year $ $ $ $ $ 17,000 4,000 21,000 38,000 38,000

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Answer 1 1a Employement income Property income Subtotal Segment A 1b Taxable Capital gains M... View the full answer