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ACC400 CANTAX (Accounting & Taxation Assignment Help) Online Exam Help

ACC400
CANTAX T1 – ASSIGNMENT #1
DUE DATE: Per Schedule, please see an email from the instructor.
JOHN AND JENNA BONDY ARE MARRIED AND LIVE WITH ALL OF THEIR CHILDREN.
THEY HAVE ASKED YOU TO PREPARE THEIR INCOME TAX RETURNS 2019
ON CONTAX (NOT THEIR CHILDREN’S)
JOHN: SIN # (ANY). ; BIRTH: DECEMBER 15, 1964. (Insert your name)
JENNA: SIN # (ANY): BIRTH: JANUARY 12, 1966. (Insert your name)
NOTE: (USE ANY ADDRESS AND ANY OTHER PERSONAL INFORMATION REQUIRED!! THANKS)
CHILDREN:
MARY-BIRTH: MAY 11, 2007; NET INCOME: $0; DISABLED: HEARING LOSS;
MIKE -BIRTH: OCTOBER 12, 1999; NET INCOME/Taxable Income: $15,000; FULL-TIME (8 MONTHS) COLLEGE STUDENT: TUITION: $10,000 PAID BY PARENTS.
John worked 500 Hours this year as a Volunteer Fire Fighter. (Volunteer Fire Fighter Credit)
The parents also paid $50,000 in Adoption Fees to officially adopt Mary, this year.
JOHN AND JENNA ‘S INVESTMENT INCOME- (Line 120 and 121)
TD BANK INTEREST $1,000 (John)
CANADA SAVING BONDS INTEREST $500 (Jenna)
SCOTIA BANK ELIGIBLE DIVIDEND RECEIVED IN CASH: $2,000 (John)
RENTAL INCOME: (JENNA) (Line 126)
(20% of Building is used for personal use)
COMMERCIAL BUILDING CLASS 1, UCC (JAN 1, 2019): $200,000 (net of 20% personal use)
FURNITURE CLASS 8: UCC (JAN 1, 2019): $10,000; PURCHASE: COST $20,000; DISPOSAL: ORIGINAL COST: $5,000; PROCEEDS: $20,000. Hint: Capital Gain, L127
GROSS RENT – $90,000
MAINTENANCE EXPENSE – $40,000 (non capital, and deductible)
MORTGAGE INTEREST – $2,000
PROPERTY TAX – $3,000
STOCKS AND OTHER CAPITAL GAINS: (JOHN) (Line 127)
SOLD HIS LPP-Painting FOR $8,000 WHICH COST HIM $200 TO PURCHASE
SOLD XYZ SHARES – COST $30,000; PROCEEDS $50,000
PRIOR YEARS’ UNUSED ALLOWABLE CAPITAL LOSSES $5,000 (2005) (Hint: use Line 253)
INVESTMENT INTEREST EXPENSE – $2,500; (Line 221, Schedule 4)
PROFESSIONAL CONSULTING BUSINESS (JOHN) (Use Line 137 Professional)
REVENUE $30,000;
OFFICE SUPPLY EXPENSES $5,000;
CPA PROFESSIONAL FEES- $500
Home Office Expenses: (100M2 of 1,000M2 of home; Utilities was $1,000; Insurance was $2,000; Property tax was $3,000)
AUTO: TOTAL KM DRIVEN IN 2019-20,000, BUSINESS-20%
total expenses: gas($5,000); Insurance ($1,200);Maintenance($4,000)
Auto cost (Ucc-$20,000, claim maximum)
PRIOR YEARS’ UNUSED BUSINESS LOSSES $30,000 (2010) (Hint: Use Line 252)
CANTAX T1- ASSIGNMENT #1, CONTINUED PAGE #2
EMPLOYMENT INCOME-JOHN (XYZ Co.)
SALARY-$100,000
Deductions:
EI – Maximum for this year. (Look up for 2019)
CPP – Maximum for this year. (Look up for 2019)
INCOME TAX – $30,000
RPP – $3,000
JOHN CONTRIBUTED $5,000 TO HIS WIFE’S SPOUSAL RRSP (2019).
JOHN’S Last Year’s EARNED INCOME = $20,000. NO PENSION ADJUSMENT.
EMPLOYMENT INCOME – JENNA (Indiana Corp)
GROSS-$40,000
Deductions:
EI – $589
CPP – $1,559
RPP-$1,000
INCOME TAX – $12,000
JENNA CONTRIBUTED THE MAXIMUM ALLOWED TO HER OWN RRSP (2019).
JENNA’S Last Year’s EARNED INCOME = $50,000; PENSION ADJJUSTMENT. (Last Year) =$2,000.
CONTRIBUTIONS 🙁 JOHN AND JENNA)
Charities: UNITED WAY – $1,500; Hospital of Sick Kids – $7,000
QUALIFIED FEDERAL POLITICAL PARTY DONATION- $4,000
QUALIFIED MEDICAL EXPENSES – $10,000 (JENNA)
CHILD CARE EXPENSE (2019) – $5,000 (NANNY) USE ANY NAME AND ADDRESS.
REQUIRED:
Using Cantax T1-Current Calculate the Couples “MINIMUM” INCOME TAX PAYABLE for John and Jenna
Print the following for submission:
• COMBINED TAX SUMMMARY (JOHN AND JENNA-1pg) (This will be your cover page-full page!)
• BUSINESS INCOME AND EXPENSES (JOHN)-T2125, Relevant Pages Only
• RENTAL INCOME AND EXPENSES (JENNA)-T776, Relevant Pages Only
• CAPITAL GAINS (JOHN AND JENNA)-Sched 3
• DETAILED TAX CALCULATION (T1-page 6-7) Schedule 1 Federal (JOHN AND JENNA)
• **STAPLE ALL PAGES IN ORDER WITH YOUR NAME PRINTED CLEARLY

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