Ms. Chiu moved from Toronto to Vancouver to start a new job. She earned $40,000 from...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ms. Chiu moved from Toronto to Vancouver to start a new job. She earned $40,000 from her Toronto job and $50,000 from her Vancouver job in the year of the move. Ms. Chiu incurred the following costs of moving all of which can be substantiated by receipts: Moving van to transport household effects....... Travelling costs-self, spouse and two children Legal fees - Purchase of Vancouver house........ Legal fees - Sale of Toronto house Loss on sale of Toronto house ..... Costs while waiting for Vancouver house - Hotel (20 days X $100) Meals (20 days X $45).. House hunting trip (prior to Vancouver move)..... $5,000 3,000 900 1,100 25,000 Select one: 2,000 Travelling costs consist of three meals a day for four persons over five full days, gas and other car costs, and hotel for five nights at $100 per night. The distance moved between Toronto and Vancouver was 4,430 kilometres. A. $12,560 B. $15,672 C. $15,860 D. $16,172 900 800 Which one of the following amounts represents the maximum amount that Ms. Chiu can deduct as moving expenses on her personal income tax return for the year of the move? Ms. Chiu moved from Toronto to Vancouver to start a new job. She earned $40,000 from her Toronto job and $50,000 from her Vancouver job in the year of the move. Ms. Chiu incurred the following costs of moving all of which can be substantiated by receipts: Moving van to transport household effects....... Travelling costs-self, spouse and two children Legal fees - Purchase of Vancouver house........ Legal fees - Sale of Toronto house Loss on sale of Toronto house ..... Costs while waiting for Vancouver house - Hotel (20 days X $100) Meals (20 days X $45).. House hunting trip (prior to Vancouver move)..... $5,000 3,000 900 1,100 25,000 Select one: 2,000 Travelling costs consist of three meals a day for four persons over five full days, gas and other car costs, and hotel for five nights at $100 per night. The distance moved between Toronto and Vancouver was 4,430 kilometres. A. $12,560 B. $15,672 C. $15,860 D. $16,172 900 800 Which one of the following amounts represents the maximum amount that Ms. Chiu can deduct as moving expenses on her personal income tax return for the year of the move?
Expert Answer:
Answer rating: 100% (QA)
To calculate the maximum amount that Ms Chiu can deduct as moving expenses ... View the full answer
Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
Posted Date:
Students also viewed these accounting questions
-
Mr. Mick moved from Calgary Alb. to Markham On. to start a new job. He earned $66,500 from his Calgary job and $36,500 from his Markham job in the year of the move. Mr. Mick incurred the following...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-7. Ivan sold the following securities during the year and received a Form 1099-B that...
-
Suppose that we are at time 0 and the interest rate is 10% (d) What is the PV of an asset that pays 20 installments of $5 a year starting today?
-
The following events took place for Salsa Inc. during May 2010, the first month of operations as a producer of road bikes: Purchased $244,000 of materials. Used $210,000 of direct materials in...
-
In your domestic country of origin what are some reasons that consumers might have to disidentify with their country?
-
How many forms of main() are there?
-
Kolbec Community College (KCC) has 4,000 full-time students and offers a variety of academic programs in three areas: professional studies, arts, and technology. The professional studies programs...
-
BHT Company evaluates a project for a potential inclusion in its capital budget. In the first year of the project, it expects incremental net income of $33 million, depreciation expenses of $8...
-
The account balances of Wilson Towing Service at June 30, 2014, follow: Requirements 1. Prepare the income statement for Wilson Towing Service for the month ending June 30, 2014. 2. What does the...
-
Consider the equation: * + 8x 20 = 0 A) First, use the "completing the square" process to write this equation in the form (x + D) = E and enter your results below. x +8x20=0 is equivalent to: =...
-
Discuss with Jake the value of starting early when investing for long-term goals. Jake should start saving sooner rather than later since he needs less money to save.
-
Water: Goal is to reduce water usage within the facility by 10% by installing more efficient sink aerators. You have four bathroom sinks with 2.2 gpm aerators that can be replaced with a .5 gpm...
-
what are job functions related to revenue department in a hospital? Write a brief note.
-
How do alterations in chromatin structure affect gene expression regulation and ultimately contribute to cellular differentiation in multicellular organisms?
-
Physician operates a small business medical practice organized as a partnership. on her joint return her taxable income is 300,000 which is all from her medical practice. what is the amount of her...
-
Which of the following exchanges qualifies as a like-kind exchange? OA light-duty business truck for a light-duty business truck. O Land held for investment for a building used in business. O Land...
-
Test whether the 5-year survival rate for breast cancer is significantly different between African American and Caucasian women who are younger than 50 years of age and have localized disease....
-
In describing who is liable for tax in Canada, the Income Tax Act simply states, An income tax shall be paid, as required by this Act, on the taxable income for each taxation year of every person...
-
A sale of the assets of B Ltd. took place on January 2, 20X2. The assets and liabilities of B Ltd. at that time were as follows: B Ltd. and the purchaser made a joint election under section 22 of the...
-
Why may a Canadian business entity attempt to underprice or overprice products sold to its foreign subsidiary corporation? How do Canadian tax laws treat such transactions?
-
Solve the matrix equation \([\mathbf{K}]\{\mathbf{Q}\}=\{\mathbf{F}\}\) using forward reduction and backward substitution, where, 5-10 [K] = -13-1 0-1 1 {F}= 0
-
Volunteer work can improve your skills and enhance your rsum. With a partner, seek volunteer opportunities on your campus or in your city. Make a list of volunteer groups that may need help. Here are...
-
What are six brainstorming questions to consider before starting your proposal?
Study smarter with the SolutionInn App