90.2K

Verified Solution

Link Copied!

The financial results of an individual are outlined below for three years.

	2019	2020	2021
Employment income	$22,000	$27,000	$40,000
Capital gains:
Listed personal property	0	0	5,000
Other capital property	40,000	0	12,000
Capital losses:
Listed personal property	0	(9,000)	0
Shares of a small business corp.	0	(40,000)	0
Other capital property	0	(48,000)	0
Share of a business partnerships Income (loss)	7,000	(57,000)	0
Dividends from Canadian corporations Non-eligible (CCPC)	12,000	4,000	0
RRSP contributions	4,000	0	0

1. Determine the individuals unused net capital losses, non-capital losses, and unused listed personal property losses for 2020. Ignore the deduction for CPP enhanced contributions. (Enter losses/deductionsegative amounts in brackets or with a minus sign.)

2. Determine the individuals minimum taxable income for 2019 and 2021. Ignore the deduction for CPP enhanced contributions. (Enter losses/deductionsegative amounts in brackets or with a minus sign.)

$ 27,000 2020 3(a) Employment income Property income Subtotal Segment A 3(b) Subtotal Segment B Allowed 3(0) Other deductions 3(d) Subtotal Segment D Maximum deduction allowed Net income for tax purposes Taxable income Loss Carry forward Balances: Unused Allowable Net capital losses Unused Allowable Non-capital losses Unused Allowable LPP losses MO 2019 Amended 3(a) Segment A subtotal 3(b) 3(c) 3(d) Losses Net income Loss Carry forward deductions: Deduct Unused Net capital loss Deduct Unused Non capital loss Taxable income Unused Loss Balances Unused Net Capital Losses Unused Non Capital Losses Unsed LPP Losses JUNI 2021 3(a) 3(b) Subtotal Segment B 3(0) Deductions dd) Losses Net Income Loss Carry forward deductions: Deduct Unused Net capital loss Deduct Unused Non capital loss Taxable income Unused Loss Balances Unused Net Capital Losses Unused Non Capital Losses Unused LPP Losses

Answer & Explanation Solved by verified expert

See Answer