In June 2020, William was in accident and was unable to work for six weeks. During this period, he...

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In June 2020, William was in accident and was unable to work for six weeks. During this period, he received disability payments totalling $14,327 from Soo Disability Assurance Co. The $900 in disability insurance premiums were paid by William through payroll deduction. PDF does not have a company pension plan. So, instead PDF paid $14,000 directly into William's personal RRSP at Libro Credit Union. PDF installed recreational facilities at its head office which allowed for proper distancing protocols to be followed. All employees are permitted to use these facilities free of charge. William used these facilities regularly. The equivalent value for similar facilities at a private club would be $1,300 per year, including applicable taxes. William purchased a new cell phone for $800 including taxes to use while he was on the road. The employer did not reimburse him for this purchase. In April of 2020 PDF paid local CPA Slim Shady $250 in cash of course to complete William's 2019 and 2018 personal tax returns as William had not previously filed them. William utilized PDF's counselling services for his 13 year old son who received mental health counselling valued at $750 in the 2020 year. Required: A. Determine William's employment income and taxable income for 2020 in accordance with the provisions of the Act and the CRA's administrative position as reflected in IT-470R and related announcements.

Answer rating: 100% (QA)

SOLUTION To determine William s employment income and taxable income for 2020 we need to consider the various components of his income and any applica View the full answer