Reference no: EM133043925

Questions -

Q1. Arlo is an individual, that received $50,000 of eligible dividends from Canadian corporations in the current year. What amount is included in Arlo's net income for tax purposes for the current year?

Q2. Benjamin, an individual, received $40,000 of non-eligible dividends from Canadian corporations in the current year. What amount is included in Benjamin's net income for tax purposes for the current year?

Q3. Charles, an individual, received $850 in dividend income from a foreign corporation. $150 in foreign tax was withheld by the foreign corporation on the $1,000 dividend. All amounts have been converted to Canadian currency. What amount is included in Charles's net income for tax purposes for the current year?

Q4. Edwin owns a residential rental property. In the current year he received rent of $60,000 and incurred the following expenses: mortgage interest $40,000, property tax $7,000, insurance $5,000, and repairs $2,000. At the beginning of the year the undepreciated capital cost of the building was $340,000. What is the maximum capital cost allowance for the current year?

Q5. Frederic, an individual, purchased a rental property for $120,000 in 2019. In 2020, the individual received gross rents of $12,000, incurred operating expenses of $10,000 and had an opening undepreciated capital cost (UCC) of $60,000. What would be the net rental income or (loss) in 2020?