Question 4 (30%) Vladimir had a taxable income of $85 000 in 2021. His revenues include...

 

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Question 4 (30%) Vladimir had a taxable income of $85 000 in 2021. His revenues include a car allowance of 10 000$ for the 15 000km he made during that year. He is 67 years old and is starting to consider retirement. Part of his income is obtained from sales so he is entitled to deductions related to expenses he made to generate these revenues. Part of these expenses are: 3 500$ of marketing expenses. 6 500$ of car related expenses 2 000$ of office expenses Other personal expenses includes: 1 500$ of student loan interest 5 000$ of RRSP contributions 1) Please calculate the tax payable for the year 2021, considering all possible deductions and tax credits. Question 4 (30%) Vladimir had a taxable income of $85 000 in 2021. His revenues include a car allowance of 10 000$ for the 15 000km he made during that year. He is 67 years old and is starting to consider retirement. Part of his income is obtained from sales so he is entitled to deductions related to expenses he made to generate these revenues. Part of these expenses are: 3 500$ of marketing expenses. 6 500$ of car related expenses 2 000$ of office expenses Other personal expenses includes: 1 500$ of student loan interest 5 000$ of RRSP contributions 1) Please calculate the tax payable for the year 2021, considering all possible deductions and tax credits.

Answer rating: 100% (QA)

To calculate the tax payable for the year 2021 we need to consider Vladimirs taxable income and apply the relevant deductions and tax credits Heres a ... View the full answer