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The year 2020 was not an easy year for Samuel who graduated from the University of Toronto in April 2020. He was very sick with COVID-19 which delayed his job search. After many interviews, he finally landed a great job working at Microsoft in Montreal. His moving expenses totalled $1,000 (he saved all the receipts as he knew he could claim this as a deduction on his tax returns). He signed his offer letter with a start date of July 1, 2020, at a gross annual salary of $89,000 plus a lump-sum signing bonus of $5,000. Samuel is paid semi-monthly and received his first pay cheque on July 15, 2020. As an exceptional hard worker, he was also recognized by his manager and team where he received an award bonus of $10,000 on his December 15th pay. After having taken a Personal Finance course, he knew to put both bonuses into registered accounts; he therefore made contributions of $3,000 to his Registered Retirement Savings Plan (RRSP) and $12,000 to a Tax-Free Savings Account (TFSA).
Problem 1: Calculate Samuel's Taxable Income
Problem 2: Calculate Samuel's Combined Federal and Quebec Personal Income Taxes Payable on his Taxable Income
Problem 3: Samuel just turned 23 on July 1, 2021. Calculate the maximum Tax-Free Savings Account (TFSA) that he could contribute today (taking into consideration carry forward amounts). Note that Samuel has not made any other contributions except for the contribution in 2020 and has never made any withdrawals.
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