Reference no: EM133168127
Question - Ms. D. Diesel (DD) had several events which occurred in 2021. This included a relationship breakdown early in the year, quitting her job and moving to a resort in another town to take up a waitress job. She had the following items correctly calculated and classified as either inclusions, deductions, or the correctly calculated tax credits for the purpose of determining her taxable income and federal tax.
Inclusions
Benefits received from Employment Insurance $600
Board and Lodging provided by employer 8,000
Bonus from resort employer 500
Salary from previous employer 6,000
Gratuities as a waitress 2,000
Interest on Canada Savings Bonds 775
Salary as a waitress at resort 12,000
Taxable capital gains 3,750
Retiring Allowance from previous employer 800
Deductions, Losses, and Tax Credits
Allowable capital losses 4,500
Charitable gifts tax credit 26
Childcare expenses 1,800
Canada Pension Plan tax credit contributions on employment income 215
Canada Pension Plan enhanced contribution deduction 145
Medical expenses tax credit 9
Expenses of objection to tax assessment 65
Moving expenses 1,700
Non-capital losses from previous year 600
Basic personal tax credit 1,984
Employment Insurance premiums tax credit 77
Union dues 100
Canada employment tax credit 189
Required - Determine the net income (Div. B), taxable income (Div. C), and basic federal tax payable (Div. E) based on the above correct information using the ordering rules in ITA Sections 3, 111, and 118. Articulate carry forward amounts remaining after 2021, if any.
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