Taxation and Financial Planning

It is April 23rd, 2018. Ryan Alexander is an employee of Universal Exports Inc. Your accounting firm has been hired to prepare his 2017 Personal Income Tax and Benefits return. Your $750 tax preparation fee will be paid for by Universal Exports as this is a benefit which it provides to each of its employees annually (including the prior year). Enclosed are tax information slips and notes made regarding his 2017 transactions obtained by your assistant who met with Ryan.

Required:

Your supervisor would like you to complete the following:

a. Based on the information enclosed, complete Ryan’s 2017 Federal Personal Income Tax return using Profile. Save, at minimum, the following forms and schedules as a PDF document and submit to the Dropbox along with this completed Booklet.
Schedules Required
T1 General 2017 Income Tax and Benefit Return
Schedule 1 Federal Tax
Schedule 3 Capital Gains (or Losses)
Schedule 4
Schedule 5 Statement of Investment Income
Amounts for Spouse or Common-Law Partner and Dependents
Schedule 7 RRSP and PRPP Unused Contributions, Transfers and HBP or LLP Activities
Schedule 9 Donations and Gifts
Schedule 11 Tuition and Enrollment
T1-ME Moving Expenses Deduction
T777 E Statement of Employment Expenses
T776 E Statement of Real Estate Rentals
T125 E (13) Statement of Business or Professional Activities

b. Prepare a proof of the amounts reported by Universal Exports on the T4 for boxes:

• 34 – “personal use of employer’s automobile or motor vehicle’
• 36 – “interest-free and low-interest loans”
Show your work on page 8.
c. Prepare a proof of the dividend tax credit recorded by Goldfinger Public Co. on the enclosed T5.
Show your work on page 8.

 

 

 

Sample Solution

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