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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 a) 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.
Compute Mrs. Y's taxable income from the taxi business if her taxable income before consideration of any cost recovery deductions was $40,000.
Consider a zero-coupon bond with 15-years to maturity. Calculate the percentage change in the price of the bond if its yield to maturity increases from 4% to 6%
Compute 3M's receivables turnover ratio. Compute 3M's average collection period for accounts receivable in days.
TXA Ltd acquired a machine from Blue Ltd, Make the journal entries that would appear in TXA Ltd.'s books to account for the acquisition of the Machine.
Compute the present value of outflows for Bid A & B and then determine which bid should be accepted by Supermart Inc.
Which regarding term loans and corporate bonds is true? it is not possible for a term loan lender to get an equity position with the borrowing firm
What is the percentage of sales approach? What are the major determinants of growth? How do you adjust the model when operating at less than full capacity?
Discuss the concept of statutes of limitations in the context of the Federal income tax law
Capital Projects Transactions. In 2017, Riverside began work on an outdoor amphitheater and concession stand at the city's park. It is to be financed by a $3,500,000 bond issue and supplemented by a $500,000 General Fund transfer. Prepare a balance s..
problemquality improvement relevant costs and relevant revenues. the tan corporation uses multicolor molding to make
SDJ, Inc., has net working capital of $2,170, current liabilities of $4,590, and inventory of $3,860. What is the current ratio
Using value-chain analysis, a firm can develop a competitive advantage by specifically looking for ways to:
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