Monir and Jackie, both in their 40s, own a new 2-story house in Pointe Saint-Charles. Jackie is expecting their first ch

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Monir and Jackie, both in their 40s, own a new 2-story house in
Pointe Saint-Charles. Jackie is expecting their first child in
September.
Monir is the co-owner of a real estate company and receives
income in the form of dividends from his share ownership.
Jackie is a salaried employee of the company with the usual
deductions at source.
Jackie earned $76,000 in salary and $7,500 in bonuses in
2021. Monir received a $2.00 dividend per share on his
200,000 shares. Because the company is a Canadian controlled
private corporate (CCPC), his dividends are non-eligible.
Jackie made $10,000 of RRSP contributions throughout 2021, and a
$6,000 TFSA contribution in December. Monir’s income is not
considered to be earned income for determination of the RRSP
contribution limit, thus his only contribution was to his TFSA of
$6,000, also in December.
Monir purchased 2,000 shares of the Royal Bank at $105 early in
2021, and sold them later in 2021 for $135 per share. He also
purchased 5,000 share of iShares Global Clean Energy ETF, which he
later sold for a capital gain of $32,400. The ETF was held in
his TFSA, while the Royal Bank shares were held in a non-registered
account. Monir also incurred a small non-registered capital
loss of $5,250 on some long-term bonds he had purchased.
Monir had major dental work done in 2021 amounting to
$25,000. Their other medical expenses were negligible.
Part 1 (4 marks)
Calculate total income for federal tax purposes (line 15000) and
net income (line 23600) for Monir and Jackie in 2021.
For each income/deduction type, indicate the line number on the T1
form. Add lines as required to the table below. Round
to the nearest dollar.
Refer to the 2021 Federal Income Tax and Benefit Return for
residents of Quebec at:
https://www.canada.ca/content/dam/cra-a ... -r-21e.pdf
Jackie
Monir
Line #
Income/Deduction
And Calculation
$
Line #
Income/Deduction
And Calculation
$
Part 2 (2 marks – 1 mark each)
Part 2(I)
Recommendation
Part 2(ii)
Contribution room calculation
Part 3 (2 marks – ½ mark each)
Identify 4 additional federal non-refundable tax credits the
couple could claim. Identify the credit, who can claim it,
and why.
Non-Refundable Tax Credit
Who can claim
Rational
Basic personal amount
Both
Available to all tax filers