Marcia Flood is married to Josh Flood. Josh has a mental infirmity. They have a 20-year-old son who also has a physical infirmity and no income. Josh has a 2021 NIFTP of $5,600. In 2021, Marcia worked as a contractor in the construction industry with GTA Brick Co BC and earned $70,000 from that source. On October 1st, 2021, she got hired in the Ontario branch of the same company, as a project manager. Her employment salary totaled $21,250 for that time and $4,910 of federal income tax was withheld on it.

Marcia's other sources of income are as follows:

Her rental income for the year totaled $32,000, while rental expenses totaled $27,500. This is the only rental property owned by Marcia.

Eligible dividends from Canadian-controlled private corporations(CCPCs)$ 15000

Investment interest in a public company $4265

Sale of coin collection $10,000

net-capital loss carry forward from last year of$11,000

Additional information

1. Marcia received a gift of $3,000 for good service from her employer.

2. her employer withheld the Maximum EI and CPP.

3. She did not make any Contributions to her RRSP in 2021 (her room was $5,000)

4. The Penalty and interest charges resulting from filing her 2020 tax return late is $1,500.

5. Expenses he made for her son

Food and clothing $5,000

6. Moving expenses to Ontario from BC with family:

Cancellation of the lease on BC apartment $900

Hotel: 5 nights in a motel while the household effects were in transit $120 per night

Meals: while staying in the motel, they spend the maximum of the meals per day.

Transportation, packing, and unpacking of household effects $4,000

7. During the Year the family had medical Expenses as follows:

josh $200

Marcia $800

her son $600

Total $1600

8. she had a non-capital loss of $12000 carried forward from previous years.

9. Her son attended university for 4 months and his total tuition for the year, including all fees, is $3,200. Interest paid for the year on his student loan was $325. He transferred all the unused tuition credit to his mother.

10. She made an eligible donation of $900.

 

Required: 

calculate Marcia's personal tax payable for 2021 Excel format.

 

Answer rating: 100% (QA)

To calculate Marcias personal tax payable for 2021 we need to determine her total income deductions ... View the full answer