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prob035 - Problem 35(Past exam question 45 minutes(Text...

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Problem 35 (Past exam question: 45 minutes) (Text: Ch.3, 6, 7, 9, 10) Your client, Maven Public Co. Ltd., which is listed on the Toronto Stock Exchange, has asked you to give some tax advice to their new Vice-President, Morris Minor, age 50, who will be responsible for the marketing of the company's products starting next January. This position will require extensive travelling across Canada. In particular, Morris will have direct responsibility in renewing the contracts for several chain store private brand products. In your first interview with Morris, the following facts and background information were brought to your attention. Morris is presently employed by Action Properties Ltd., a family- owned company (a CCPC) operating out of Moose Jaw. (Morris is not related to the controlling group of shareholders.) The company had no pension plan but did have a generous stock option plan in which Morris actively participated. Morris has provided for additional retirement funds by contributing the maximum amount to his RRSP.
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