Q1, 2 and 5 solution

Q1, 2 and 5 solution - Question 1 Marks Part A Salary Bonus...

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Question 1 Marks Part A Salary 150000 0.5 Bonus 30000 0.5 Bonus of $5000 not taxable until 2009 - cash basis 0 0.5 Term life taxable benefit 250 1 Extended health care, disability, RPP not taxable benefit 0 0.5 Travel: meals and accomodation 20000 1 unreasonable compared to 9,000+7,500 actual expenses Car allowance - not based on km 7200 1 Physical fitness allowance 2400 0.5 Standby charge January - June 2%x6x35000 4200 1 Standby charge July -December 2/3*6*1200 4800 1 9000 @ 12000/20004 5399 2 Operating cost benefit - lesser of 0.5 - 12000 @ .24 2880 1 - 1/2 standby 2699 2699 1 916.5 Reimbursment -1200 6898 0.5 811.06195 Golf club dues not taxable benefit - company's benefit 0 0.5 Stock option benefit on 200 shares sold 200(20 - 12) 1600 1 Option deferred on remaining 800 shares as CCPC 0 0.5 Housing loan interest benefit $50000 @ 4% x 59/365 323 $40000 @ 4% X122/365 535 $40000 @ 3% X184/365 605 1463 1 GST rebate for 2007 864 1 RPP (payroll deductuion) -5000 0.5 Tax, CPP, EI, disablity and Group life are not deductible
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Q1, 2 and 5 solution - Question 1 Marks Part A Salary Bonus...

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