Diana Homes is a management consultant by profession, and she works as a freelance consultant for 3 prominent corporatio

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Diana Homes is a management consultant
by profession, and she works as a freelance consultant for 3
prominent corporations in British Columbia.
Following are some personal details of
Diana Homes
Diana is married to David and the Homes family has one child;
marie who is currently 3 months old. (In this assessment your focus
will be on Diana and her annual income). For the year 2021, Diana
recorded a total income of $132,000 and qualifies for both the
federal and provincial tax credits (the federal basic personal
amount $13,808 applied at a 15% tax rate, the provincial basic
personal amount $11,070 applied at a 5.06% tax rate). Furthermore,
Diana donated $15,000 to a church located in Burnaby, BC.( Diana
plans to claim all donations to reduce her effective tax rate)
Diana banks with the Royal Bank of Canada (RBC), in which she
maintains a chequing and a savings account. On the day of filing
tax Diana’s bank details were as follows;Chequing account balance -
$ 6,500 Savings account balance - $ 82,000
The marginal tax rate for each tax bracket is as follows.
2021 Taxable
Income
2021
Combined Marginal Tax Rate
$0 to $42,184
20.06%
$42,184 to
$49,020
22.70%
$49,020 to
$84,369
28.20%
$84,369 to
$96,866
31.00%
$96,866 to
$98,040
32.79%
$98,040 to
$117,623
38.29%
$117,623 to
$151,978
40.70%
$151,978 to
$159,483
44.02%
$159,483 to
$216,511
46.12%
$216,511 to
222,420
49.80%
$222,420 +
53.50%
Source –
taxtips.ca
Furthermore, Diana
uses a visa credit card from RBC and her average spending per month
amounts to $2000. Diana currently lives on rent, and she plans to
purchase her first apartment in the year 2028. Considering her
forecasted income, she plans to purchase an apartment within a
price range of $500,000 - $600,000 from the lower mainland.
Diana is currently looking for options to grow her funds as well
as defer her tax through low-risk investment options. (She expects
her income to grow every year). Hence, she is looking for your
advice. Now, Diana is considering two options for her former
objective
Diana has an RRSP
contribution limit of $12,200 and a TFSA contribution limit of
$10,600 for 2021.
Assume you are a
financial consultant and you have received all the above
information regarding Diana, and she wishes to clarify the
following from you. An extract from her email to you is as
follows;
“To – Financial
Consultant From – Diana Homes
Dear Financial Consultant,
Considering my
financial situation and future plans, can you please compile a
report which addresses the following;
CRA individually.
For knowledge purposes, please show me workings for each step of
the former calculation.
Best Regards, Diana
Homes”
Requirement;
Considering the
above, you are required to compile a report which would address the
above questions posted to you from Diana Homes making
assumptions where necessary.
Report Format Requirement
Please watch the
following video on APA guidelines

Deadline –