Homer and Marge Sampson have Three children4. The ages of children are 4, 9 and 14. Non of the children are infirm nor disabled. Homer has net Employment income $16,997, after the deduction of employment expenses of $12,978. Marge has net business income during the year of $46,830 after deducting business expense of $20,000. The childcare cost for the year are $11,483.

What is the maximum deduction for child care cost that can be claimed (you do not need to indicate which spouse claims the cost; just indicate the maximum dollar amount that can be claimed)

Interpret Kaur is 43 years old and divorced from her husband. Her Net Income For Tax Purposes for 2020 is 54,688. She has retained the family home and both of the children of the marriage live with her. Her son is 23 years old and suffers from mental impairment. He does not qualify for the disability tax credit. Her daughter is 14 years old and in good health. Her son has Net Income For Tax Purposes of 19,089 during the year, while her daughter has Net Income For Tax Purposes of 1,253. The only other credit Ms. Kaur qualifies for is the basic personal tax credit. Determine Ms. Kaur’s maximum federal tax credits for 2020.

The Act requires that taxpayers include all dividends (other than capital dividends) received from both resident corporations and non-resident corporations in the calculation of net income

During December 2019, Mr. Juan Bisaka sells a capital property with an adjusted cost base of $297,557 for proceeds of disposition of $382,000. Selling costs total $17,087. In the year of sale, he receives $98,855 in cash, along with the purchaser’s note for the balance of the proceeds. The note is to be repaid in equal installments for 5 years beginning on December 1, 2020. He receives the 2020 payment in full. Assume that Mr. Bisaka deducts the maximum capital gains reserves.

Determine his taxable capital gain for 2019.

Answer rating: 100% (QA)

Aug129 1921 Solution A B Answer is highlighted in yell... View the full answer