Mrs Williams is a salesperson handling a line of industrial products throughout Western Canada. During $2023,$ she is paid a salary of $$44,800$ and receives sales commissions of $$27,700.$ She does not receive an allowance from her employer for any of her expenses. During the year, Mrs Williams made the following employment related expenditures:

Airline tickets $ $2,350$

Meals while on the road $420$

Purchase of laptop computer $2,075$

Client Entertainment $1,750$

Hotels $2,700$

Cost Of New Car $24,000$

Operating Costs of Car $7,200$

The new car was purchased on January $5,2023,$ and replaced a car which Mrs Williams had leased for several years. During $2023,$ Mrs Williams drove the car a total of $50,000$ kilometers, of which $35,000$ kilometers were for employment related purposes.

In addition to expenditures to earn employment income, Mrs Williams has the following additional disbursements:

Safety deposit box rent $$100$

Alberta Blue Cross Medical Insurance Premiums $435$

Group Life Insurance Premiums $665$

Investment counsel fees $700$

Mrs Williams indicates that she regularly receives discounts on her employer$$s merchandise and, during the current year, she estimates that the value of these discounts was $$1,300.$

One of the suppliers of her employer paid $$2,450$ to provide Mrs Williams with a one week vacation at a relaxation spa.

On April $1,2023$ Mrs Williams$$ employer provided her with a $$100,000$ interest free loan for the purchase of a house. The prescribed interest rate was $1\%$ throughout $2023.$ In addition to her salary and commissions, her employer matched her contributions to Alberta Blue Cross and her life insurance.

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Mrs Williams also has some investments that she has purchased over the past $5$ years as follows

$-$ $$100,000,4\%,$ two year, term deposit purchased on May $1,2018$

$-$ $$60,000,3\%,$ three year, term deposit purchased on July $22,2019$

$-2,000$ shares of ABC limited $($shares paid a $$1/$share eligible dividend in August $15,2019)$

$-500$ shares of X Ltd $($shares paid a $$3/$share ineligible dividend on May $1,2019)$

Mrs Williams also owns a rental property that rents for $$1,300$ per month throughout $2019.$ The December rent is not received until January $15$th$,2020.$ Expenses include interest $-$ $$5,000,$ property taxes $-$ $$2,200,$ insurance $-$ $$800$ and maintenance $-$ $$3,000.$ The UCC of the residential property on January $1,2019$ was $$250,000.$

Required:

Determine Mrs$.$ William$$s net income for the $2019$ taxation year.

Answer rating: 100% (QA)

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