J.T. Taxpayer Jr., age 22, is a part-time student at Mohawk College. He has provided you with
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Question:
- Net employment income from his summer job $5,800
- Net business loss from his unincorporated business (16,000)
- Spousal support payments made (a Subdivision e deduction) 1,900
- Public transit passes to and from the summer job 240
- Capital gains 3,750
- Capital losses (7,200)
- Tuition fees paid in 2020 2,500
- Net rental income 4,525
REQUIRED:
1) Determine Sam's minimum 2020 Net Income For Tax Purposes.
2) Indicate any carry-over amounts.
Related Book For
Introduction To Federal Income Taxation In Canada
ISBN: 9781554965021
33rd Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
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