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Final

MGAC50H3 Final: S - Chapter 10 (P23).pdf

2 Pages
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Department
Financial Accounting
Course Code
MGAC50H3
Professor
Sathees Ratnam

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Description
252 Introduction to Federal Income Taxation in Canada Solution 23: Income and Taxable Income, Ordering Rules 2013 2014 Par. 3(a) Income from non-capital sources (non-negative amounts only): Employment income............................................................$....55,00047,000 Other business income.................................................Nil.............Nil Property income ..................................................................16,000... 10,000 Income from non-capital sources..............................................$....71,0000 Par. 3(b) Net taxable capital gains (no(1)egative): Listed personal property .............................................500....$...$10,125 Personal-use property ..............................................1,000.............Nil Other...............................................................3,000.......(10,125).......... Net taxable capital gains...........................................4,500...........$.Nil Par. 3(a) + par. 3(b)........................................................$....71,000.... 61,500 Par. 3(c) Support payments..................................................................$...(7,000)$.... (7,000) RRSP (1,000) (3,000) (4) Total par. 3(c) deductions $ (8,000) $ (10,000) Par. 3(a) + par. 3(b) – par. 3(c) $ 53,500 $ 61,000 Par. 3(d) Business loss.....................................................................$ (23,000).....$....(14,000) Allowable business investment loss..........................................—........(12,000) (3) Rental loss.................................................................—.........(4,000).......... Division B.......................................................................................$....22,000..............$.... 39,500 Par. 111(1)(b) Net capital loss ................................................................Nil(4,500) (6) Par. 111(1)(a) Non-capital loss carried forward .......................................(1(6,395) Taxable income (equal to personal and employment tax credit bases) …........$.... 15,192 $ 15,605 —NOTES TO SOLUTION (1) Listed personal property: 2013 $6,000 – $5,000 (carried forward from 2010 [sec. 41])  1 $1,000  / =2$500 (2) Personal-use property losses denied. (3) Other capital property — 2014 Allowable capital losses ( 2  $45,000).............................................................................. Less: allowable business investment loss applied in par. 3(d) ( 2  $24,000)....................(12,000) $ 10,500 Amount which can be applied under par. 3(b).......................................................10,125....... Balance which can be carried forward or backward as a net capital loss.......................$.... 375 (4) (a) RRSP contribution deduction for 2013 would be limited by the lesser of: (i) 18% of 2012 earned income ($33,250) = $5,985 (ii) $23,820 Lesser amount .....................................................................$.....5,985..................... Minus the pension adjustment for 2012 ...........................................................Nil........ Net contribution limit..................................................................$.....5,985..................... Unused RRSP contribution room to be carried forward ($5,985 – $1,000)................. $ 4,985
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