Jasmine is a very successful sales person and is employed by a large Canadian public company. For 2020, her base salary is $122,000. However, $8,200 of her salary will be paid on the first Friday of 2021 as per her employer’s payroll schedule. In addition to her base salary, while she does not receive commissions, she was awarded a bonus of $19,000 during 2020 based on her performance. One-quarter of the bonus was paid in December 2020, with the remaining balance to be paid in March 2021.

Other information relevant to Jasmine’s 2020 employment income is as follows:

1. Jasmine is provided with an automobile that is owned by her employer. The employer purchases the car in 2018 for $56,000 plus $7,020 HST. During 2020, she drives the car a total of 72,000 kilometers, of which 65,800 were employment-related. The automobile was used by Jasmine for 8 months (242 days) during 2020. When she was not using the automobile, her employer specifically required that automobile to be returned to the employer's premises.
2. She is a member of his employer’s registered pension plan. In 2020, her employer contributed $5,500 to this plan on her behalf. In addition, $5,500 was withheld from her salary and contributed to the plan.
3. During 2020, Jasmine received three gifts, none of which were performance-related. The first, a paid weekend at a local hotel, had a fair market value of $300. The second was a $400 gift certificate for women’s clothing store. The third gift was a bottle of 1995 Haut Brion with fair market value of $400.
4. For Jasmine’s five-year service award she received a $200 gift card to a local restaurant and a watch with fair market value of $500.
5. In 2018, her employer granted her options to buy 1,200 shares of the company’s stock at $19 per share. At the time of the grant, the shares were trading at $19 per share. On June 1, 2020, all of these options are exercised. At this time the shares are trading at $32 per share. She did not sell the shares in 2020.
6. Jasmine and her husband, Ali Baba, purchased a home in 2019. Jasmine’s employer provided her with a $40,000 interest free loan on January 1, 2020. The prescribed rate at the time of the loan was 3% and the rate stayed the same in the second quarter of the year. In the third and fourth quarter of the year, the prescribed rate was 4%.
7. As part of her employment agreement, Jasmine is required to travel around the world. She travelled to Orlando for a business trip. Her employer paid her airline ticket of $4,900. In addition, she was provided with a meal allowance of $85 per day and a hotel allowance of $250 per day. Her actual meal costs were $1,250 and her actual hotel costs were $2,200. Her business trip was 10 days.
8. During the year, Jasmine attended a marketing course at a local post-secondary institution for $500 and attended a make-up course for $500. The employer paid for both courses.

Required:

The amount related to the automobile provided by the employer only, if any, to be included/deducted as a taxable benefit in the calculation of Jasmine’s Net Employment Income for the 2020 taxation year is:

The amount related to the gifts and awards only, if any, to be included/deducted as a benefit in the calculation of Jasmine’s Net Employment Income for the 2020 taxation year is:

The amount related to the company’s stock options only, if any, to be included/deducted as a benefit in the calculation of Jasmine’s Net Employment Income for the 2020 taxation year is:

The amount related to the company’s interest-free loan only, if any, to be included/deducted as a benefit in the calculation of Jasmine’s Net Employment Income for the 2020 taxation year is:

The amount related to the company’s travel allowances provided and Jasmin’s courses paid only, if any, to be included/deducted as a benefit in the calculation of Jasmine’s Net Employment Income for the 2020 taxation year is:

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Ans salary of 122000 in which 8200 is received in the year ... View the full answer