Mr. John Planner CPA, CFP is a Certified Financial Planner (CFP) with many years of successful...
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Mr. John Planner CPA, CFP is a Certified Financial Planner (CFP) with many years of successful experience. In 2023, he decided that he was not adequately appreciated in his current position with a large financial institution in Kapuskasing, Ontario. Given this, he resigned on November 1, 2022. After several months of investigation, he accepted employment with Retirement Planners Ltd. (RPL), a CCPC located in Niagara on the Lake, Ontario. He commenced working for RPL on May 1, 2023. He owned a home in Sudbury which he had acquired several years ago for $575,000. Because of the depressed real estate market in this area, he was eventually forced to sell the property for $475,000 in October, 2023, resulting in a $100,000 loss on this property. Because of the uncertainty surrounding the sale of his Sudbury property, he moved into an apartment when he arrived in Niagara On the Lake on May 1, 2023. The apartment was rented on a monthly basis until November 30, 3. After he accepts an offer to purchase her Sudbury house, she finds a home in London that she purchases on November 1, 2023 for $620,000. She moves into this new home on December 1, 2023. Other information relevant to 2023 is as follows: 1. Because of his strong professional reputation, RPL paid her a signing bonus of $12,000. The signing bonus was paid on June 1, 2023. 2. During the period May 1, 2023 through December 31, 2023, John earned salary of $124,000. Of these earnings, $120,125 was paid in 2023 with the remainder of $3,875 paid in 2024. The Company withheld the following amounts from her salary: Mr. John Planner CPA, CFP is a Certified Financial Planner (CFP) with many years of successful experience. In 2023, he decided that he was not adequately appreciated in his current position with a large financial institution in Kapuskasing, Ontario. Given this, he resigned on November 1, 2022. After several months of investigation, he accepted employment with Retirement Planners Ltd. (RPL), a CCPC located in Niagara on the Lake, Ontario. He commenced working for RPL on May 1, 2023. He owned a home in Sudbury which he had acquired several years ago for $575,000. Because of the depressed real estate market in this area, he was eventually forced to sell the property for $475,000 in October, 2023, resulting in a $100,000 loss on this property. Because of the uncertainty surrounding the sale of his Sudbury property, he moved into an apartment when he arrived in Niagara On the Lake on May 1, 2023. The apartment was rented on a monthly basis until November 30, 3. After he accepts an offer to purchase her Sudbury house, she finds a home in London that she purchases on November 1, 2023 for $620,000. She moves into this new home on December 1, 2023. Other information relevant to 2023 is as follows: 1. Because of his strong professional reputation, RPL paid her a signing bonus of $12,000. The signing bonus was paid on June 1, 2023. 2. During the period May 1, 2023 through December 31, 2023, John earned salary of $124,000. Of these earnings, $120,125 was paid in 2023 with the remainder of $3,875 paid in 2024. The Company withheld the following amounts from her salary:
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Lets break down the relevant information provided 1 Resignation and New Employment John Planner resigned from his position on November 1 2022 He comme... View the full answer
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ISBN: 9781292016924
8th Edition
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
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