In 2022 C had the following incomes and deductions: Salary $70,000, employment benefits $4,000, interest income $3,000, net rental income $5,000, child-care deduction $5,000, and a business loss of $14,000. What is C's earned income for RRSP purposes for 2022?

 

 

2. E sold her home for $340,000. She purchased the home for $350,000 and made capital improvements to the home costing $50,000. What is the amount of the loss to be reported in net income for tax purposes?

 

3. J sold a diamond ring for $3,000 that she purchased for $900 many years earlier. She also sold a painting for $800 that she had purchased for her living room for $1,300. What amount is to be reported in net income for tax purposes?

 

4. In the current year E attended university full time and received a scholarship of $2,000 that covered most of the tuition. E also received support payments of $45,000 from her former spouse of which $15,000 was designated as support for her 5 year-old child. E withdrew $8,000 from her RRSP to help cover university expenses. Fortunately she won $5,000 from a lottery. What amount is added to E's income for tax purposes in the current year?

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1 To calculate Cs earned income for RRSP purposes we need to consider the following Earned Income Sa... View the full answer