Understanding Income Tax: Deductions, Capital Gains, and Taxable

School: University of Guelph - Course: ACCT 3230 - Subject: Accounting

Division B- Section 3 Section No.Subdivision A: Income from Employment Section 5Salary received as a waitress Section 5Bonus from resort employer Section 5Gratuities as a waitress Section 6Boardand lodging provided by employer during busy season of reso Section 8Union dues Subdivision B: Income from Business or Property Section 9Rental Revenue Section 12Interest on Canada Savings Bonds Section 18Maintenance on rental property Section 18Property tax on rental property Section 20Capital cost allowance on rental building Section 20Mortgage interest on rental property Subdivision D: Other sources of income Section 56Retiring allowance from previous employer Section 56Benefit received from Employment Insurance program Subdivision C: Taxable Capital Gains and Allowable Capital Losses Section 38Tacable capital gain Section 38Allowable capital loss Subdivision E: Deductions in Computing Income Section 60Expenses of objection on a tax assessment Section 62Moving expenses Section 63Child care expenses Non-Capital Loss Section 9Business revenue from fitness instruction fees Section 18Business expenses of earning fitness instruction fees Section 20Capital cost allowance on fitness instruction fees Section 20Interest on funds borrowed to pay expenses of earning fitness instr Division B Income Division C- Losses Deductible Section 111.1Non-capital losses from previous year

Taxable Income Division E: Computation of Tax Section 117.2Tax before credits (30,435 X 15%) Section 118Personal tax credit Section 118.1Charitable gifts tax credit Section 118.2Medical expenses tax credit Section 118.7Canada Pension Plan contributions tax credits on employment earn Section 118.7Employment Insurance premiums tax credit Section 118.10Canada employment credit Basic Federal Tax