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Lecture 22

AFM 362 Lecture 22: 9

3 Pages
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Department
Accounting & Financial Management
Course Code
AFM 362
Professor
Ken Klassen

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Description
Chapter 9 Moving Expenses: only deductible if more than 40K away *max that can be deducted is employment income from new job OR eligible moving expenses Employment Income = moving allowance given by employer is added to net employment income! Eligible Moving Expenses only claim up to 15 days for temporary living (eating, hotels) expenses cannot claim rental payments before cancelling lease legal expenses are not deductible on homes until they have been sold! property taxes are not deductible UNLESS Property is vacant! cost of cancelling lease for old home! cost of changing address on legal documents, utility hookups, etc. travel expenses (cars, trucks, storage, insurance) cost of maintaining old home if vacant (assuming you are trying to sell) o interest, insurance premiums, heating, utilities, property taxes! costs of selling old home (advertising, legal fees, etc.) ONLY when sold!! Taxable Dividends + gross up +Bank interest received +rental income gross deductible rental expense Property Income RRSP Contributions: contributions to both their own and their spouse is restricted to their individual contribution limit at time of contribution, no difference in tax impact btwn spousal contribution and personal contribution at time of withdrawal, amount taken out and any income generated in the plan may be included in the spouses return (whoever the rrsp belongs to)> income splitting opportunity! Attribution on RRSP contributions: Attribution applies on withdrawal of funds if the individual paid a premium to any spousal plan in current year or past two years AND premium is required to be included in computing income of the spouse if withdrawals are included in spouse income, amount withdrawn will be included in individuals income offsetting deduction for spouse if withdrawal is attributed to contributor tax savings occur if the income is taxed at a lower marginal rate for the spouse
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