Four - 3 This problem is continued in Chapter 11.

DISCLAIMER: All characters appearing in all versions of this problem are fictitious.

Any resemblance to real persons, living or dead, is purely coincidental.

Seymour Career and Mary Career are your tax clients. They have been married for two years.

Mary has progressed quickly in MoreCorp, the large publicly traded firm she is working for due to her strong tax and accounting background. Her firm has an excellent health and dental plan that reimburses 100 percent of all medical and dental expenses.

Although Seymour has been working, his increasing ill health makes it likely that he will not be able to continue to work in 2020. He is contemplating a return to university as a student of music.

In order to estimate her possible financial position in 2020, Mary would like you to prepare her 2019 tax return assuming that Seymour has no income for 2019.

Mary’s 2019 RRSP deduction limit is $244,550.
Title Ms. Mr.
First Name Mary Seymour Last Name Career Career SIN 527-000-129 527-000-079 Date of birth (Y/M/D) 1981-12-08 1960-01-29 Marital status Married Married Canadian citizen? Yes Yes Provide information to Elections Canada? Yes Yes Own foreign property of more than $100,000 Cdn? No No 123 ABC Street, Saint John, N.B. E0E 0E0 Phone number (506) 111-1111 Spouse’s address same as taxpayer? Yes Taxpayer’s Address First Name William Last Name Career SIN 527-000-319 Date of Birth (Y/M/D) 2012-02-24 Net Income Nil Issuer - MoreCorp Employment Income 14 152,866.08 Employee’s CPP Contributions 16 2,748.90 Employee’s EI Premiums 18 860.22 RPP Contributions 20 Nil Income Tax Deducted 22 48,665.11 Charitable Donations 46 1,000.00 T4 - Mary Box Amount Seymour Canadian Cancer Foundation 500 Seymour Salvation Army 250 Donor Charitable Donation Receipts Amount Required: With the objective of minimizing Mary’s Tax Payable, prepare her 2019 income tax return using the ProFile tax software program. Assume that Seymour has no income in 2019 and that he does not file a tax return.