Pierinos wife died last year. Her income for the year was $28,000. Pierino has a 15-year-olddependent son,

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Pierino’s wife died last year. Her income for the year was $28,000. Pierino has a 15-year-olddependent son, James. Pierino works for the Saskatoon Transit Commission and earns $65,000 yearly. He also has a part-time business operation on which he has a loss of $5,250. Pierino contributed $10,000to his RRSP by transferring some shares in Public Co. Ltd. to his self-administered RRSP. The ACB of the shares was $6,000. He has $3,000 in net capital losses being carried forward.

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Calculate Pierino’s taxable income and the base amounts of his personal tax credits. Ignore any CPP and EI contributions.

Posted Date: Dec 10, 2021 08:27 PM

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Pierinos wife died last year. Her income for the year was $28,000. Pierino has a 15-year-olddependent son,

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Pierinos taxable income 40750 Pierinos base amounts of personal tax credits 1550 ... View the full answer

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