4561 Lecture 8 June 15 10

4561 Lecture 8 June 15 10 - 1 LECTURE 8: OTHER INCOME AND...

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1 LECTURE 8: OTHER INCOME AND OTHER DEDUCTIONS Readings ADMS 3520 Lecture 4 Notes and Item 7 in ADMS 3520 Lecture 6 notes: print and bring FIT Ch. 9 Income Tax Act Sections 56 to 64.1, 81, 118, 146, 147, 153, 160, 248 (as covered in the lecture notes only) Recommend All Multiple Choice and Exercises Problem Set 8 (calculate taxable income and tax in all cases): 1. Chapter 9, Assignment Problem 10 (Elaine Matthews) with two changes: - assume no pre 96 years of service (e.g. she started her job in 1996) - assume subdivision a, b, c income totals $133,488 2. Chapter 9, Assignment Problem 11 (Ms King) 3. Chapter 14, Problem 8 (Mr. Ricky) - Death Note that the legal fees paid by Ms King re child support in problem 11 are tax deductible whereas the legal fees paid by Elaine Matthews re spousal support in problem 10 are not deductible. Although the problems state, in both cases, that the fees are to establish the taxpayer’s right to support , technically the right to child support is established in family law and therefore any legal fees re child support are to collect child support. You must bring your Text and Act to each lecture. As has been the case in other lectures, all references in these notes to a spouse includes same or opposite sex common-law partner (unless otherwise indicated).
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TOPICS FOR THIS LECTURE * denotes topics covered in ADMS 3520 Lecture 4 notes. The basics of these topics will not be repeated in these notes. Yellow highlight denotes topics covered in Lecture 10 after Midterm 2 Chapter 9 Other Sources of Income ¶9,000 * Benefits in the Nature of Pension benefits - RPP, CPP, OAS, Retiring allowances, death benefits ¶9,010 - Income splitting- CPP ¶9,015 - Income splitting – Pension income ¶9,020 * Retiring Allowances ¶9,030 and ¶9430 will be discussed in Lecture 10 * Support Receipts and Payments* ¶9,040 * Annuity Payments ¶9,070 and Capital Element of Annuity ¶9,310 - Amounts Received from Deferred Income Plans: * RRSPs, DPSP, RRIFs* ¶9,080 * RESPs * ¶9,090 - RDSPs ¶9,095 to ¶9,095.30 only (not ¶9,095.40 to ¶9,095.70) * Education Assistance Payments - Scholarships, Bursaries & Research Grants ¶9,100 - Other Inclusions ¶9,110 - Legal costs awarded by the courts * Social Assistance Amounts not included in Computing income ¶9,200 and ¶9,210 Tax-Free Savings Account (TFSA) ¶9,220 Other Deductions in Computing Income ¶9,300 [Capital Element of Annuity ¶9,310 discussed with ¶9,070 above] * RRSPs ¶9,320 to ¶9,415 - Transfers of Retirement income and sheltered amounts ¶9,420 - Overpayment and Other Deductions ¶9,440 * Moving Expenses ¶9,470 * Child care Expenses ¶9490 – the deduction for the higher income parent in two- income couples will be discussed in Lecture 10 with Chapter 9, Problem 8 (Len and Nina) - Disability Support Deduction ¶9520 – covered in Lecture 10 - Expenses of Residents Absent from Canada ¶9530 – covered in Lecture 10 – not
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This note was uploaded on 08/10/2010 for the course LAPS 4561 taught by Professor Frankovic during the Summer '10 term at York University.

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4561 Lecture 8 June 15 10 - 1 LECTURE 8: OTHER INCOME AND...

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