Taxation Assignment Example | Topics and Well Written Essays - 1250 words

Taxation - Assignment Example Charles’s language of correspondence is English even though he understands a little bit of French having studied French as a subject in school. Charles Antoine’s Social Insurance Number (SIN) is 193-456-787. Latesa Kiki, who is Charles’s wife, works as a Social and Health Care Service provider in a local Health and Social Care facility in Montreal Quebec. Latesa’s net income for the year 2013 after claim after credits is $80,000. Her Social Insurance Number is 193-567-674.The amount of Universal Care Benefit (UCCB) from line 117 of Latesa’s income is $1200 while the amount of Universal Child Benefit repayment from the line 213 of her return is $800 Charles Antoine is paid $9000 per month as his salary by the bank He works for. Apart from this income, he received $150,100 from a rental property he had but sold it in 2013.Charles also runs a personal business in his neighborhood where his younger works for him as the operator of the venture. Fro the personal business, he is able to earn an average of $2000 per month in terms of income. Charles is a staunch member of his church and every month, he gives $300 to his church which is a registered charity in Canada under the federal and territory laws. From his income, several deductions are normally made per month. Charles contributes towards the Canada Pension Plan (CPP) and towards the Employment Insurance benefit. Apart from his church contribution, he also contributes $150 every month towards the social and service health acre facility where his wife works. This facility is also a registered charity organization which helps the elderly and the underprivileged in Montreal. To calculate the RRSP, it is important to know what Charles earned in the previous year in order to determine his RRSP deduction limit (Canadian Tax Calculator, 2014). Earned income includes the employment earnings (t4), rental income, net business income and alimony received and any other benefit.