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Essential Guide to 2024 Employment and Property Income

School
York University**We aren't endorsed by this school
Course
MGM 101
Subject
Accounting
Date
Dec 11, 2024
Pages
12
Uploaded by SuperInternetLoris13
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CY = 20243(a) Employment incomeCommission income57000Automobile Op Exp-3200 =4000 totaEntertainment exp-650 => since saContribution to RPP-1000 => made coAutomobile CCA-1608 =6700 UCCTelephone exp-13003(a) Property incomeNet rents after exp before CCA1000Recapture of CCA3600Property X CCA-3948 Note 1652Investment Counsel fees-1100Interest expense (acquire foreign bonds)-1700 =>SECIAL RForeign Interest2000 => add bacDividends - Canadian public3588 => gross up3(b) Capital gains and captial lossesTCG- Corp A6650TCG - Property Y3850Allowable capital loss - Corp B-10500 => limited 3(c) Other deductionsRRSP deduction-2600CPP enhanced contributions-5353(d) LossesABIL-4000 => half the
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Calculate Minimum 2024 NIFTP3(a)1.Commission income570001.Automobile op exp-32001.Entertainment (meals)-650Convention0Donations0Cell phone basic plan-1300CCA (Class 10 - 30%)-16085.RPP contributions-100049242Property income3.Net rents after expenses but before CCA1000Recapture - Y3600CCA (Class 1 - 4%) - X-263219684.Eligible div3588Int on foreign bonds2000Int on loan for foreign bonds-1700Investment counsel fee-110027883(b)2.TCG - A6650ACL - B-120003.TCG - Y385003(c)1.Enhanced contributions-5355.RRSP contributions-2600-3135
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3(d)2.ABIL -C-4000
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al *80% employment use deductiblealesperson, 50% of meals exp is deductibleontribution to RPP, deductibleC *30% CCA Rate for automobiles *80% employment use deductibleRULE: deduct equally over 5 years for int to issue bondsck witholdingp by 38%to the total TCGe cost incurred
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Note 1Class 1 (4%)PropeLand-> prorate how much for emp purposesACB13300-> filing as salespersonUCC-> not permitted deductionCCA-> not permitted deduction, donations tax credit availUCC end bal-> incurred to generate income-> Class 10, prorate at emp use5399853998
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50863
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Note 1Property X (2023)LandBuildingCost1330093200UCC65800CCA (4% - residential class 1)-3948UCC end bal61852
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Cannot be pooled, separate erty XProperty YBuildingLandBuilding93200 ACB150006000065800 UCC056400-2632Disposition-22700-6000063168 Remainder-3600Recapture3600CG7700
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Property Y (2023)Land Building15000600005640027400Disposition-22700-600000.293991-7700-360019344.64Recapture3600CG7700End bal00
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