Calculate Ricky Net Income for Tax Purposes

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Question - During the 2020 year, Ricky has net employment income of $60000 and interest income of $6000. Capital gains for the year total $38400, while capital losses are realized in the amount of $8528. He has deductible child care costs of $1200 and he is able to make a $5000 deductible RRSP contribution. He also has a business loss of $174300.

Required - Calculate Ricky's 2020 Net Income for Tax Purposes (Division B income). Indicate the amount and type of any loss carry overs that would be available at the end of the year.

Reference no: EM133135671

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