Assignment Two Solution

Assignment Two Solution - Solution to Assignment Problem...

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Solution to Assignment Problem Three - 12 Mitch Lesner’s net employment income would be calculated as follows; Item 1 - Signing Bonus (Note 1) $10,000 Item 1 - Salary Received (Note 2) 62,550 Item 1 - RPP Contributions ( 1,200) Item 2 - Bonus Received (Note 2) 2,000 Item 6 - Employer Reimbursement Of CGA Dues (Note 3) 628 Item 6 - CGA Dues Paid (Note 3) ( 785) Item 9 - Housing Loss (Note 4) 1,300 Item 10 - Imputed Interest On Housing Loan (Note 5) 167 Item 11 - Stock Option Benefit (Note 6) 1,280 Item 12 - Automobile Benefit (Note 7) 741 Item 13 - Stationery And Supplies ( 129) Item 13 - Long Distance Calls ( 74) Item 13 - Home Office (Note 8) ( 563) Item 14 - Home Office Allowance (Note 9) 1,500 Net Employment Income $77,415 Note 1 Amounts received prior to, during or after employment are required to be included in employment income when received. Note 2 Salary and other forms of remuneration such as bonuses are included in income when received regardless of when earned. Note 3 The reimbursement of employee professional dues is considered a taxable benefit, but the employee is generally entitled to an employment expense deduction for annual professional membership dues under ITA 8(1)(i).
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Note 4 Employer-reimbursed housing losses fall into two categories – regular housing losses and eligible housing losses. Eligible housing losses occur when there is an eligible relocation which generally means a relocation or move the expenses of which would qualify for a moving expense
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Assignment Two Solution - Solution to Assignment Problem...

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