Answered You can hire a professional tutor to get the answer.

QUESTION

Buddy Musician (SIN 27-000-061) was born in Vancouver on August 28, 1949. He has spent most of his working life as a pianist and songwriter. He and...

Mr. Buddy Musician (SIN 27-000-061) was born in Vancouver on August 28, 1949. He has spent most of his working life as a pianist and songwriter. He and his family live at 111 WWW street, Vancouver, B.C. V4H- 3W4, phone 604-111-111

Mr. Musician's wife, Natasha (SIn 527-000-129), was born on June 6, 1991. She and Mr. Musician have four children. Each child was born on April 1, of the following years, Linda; 2011, Larry; 2012, Donna; 2013, and Donald; 2014. Natasha's only income during 2016 us $3480 [(4) ($160) (6 months)] in universal child care benefits

Buddy and Natasha Musicians have two adopted children. Richard was born on March 15, 1999 and has income of $2800 for the year. Due to his accelerated schooling, he started full time attendance at University in September of 2016 at the age of 17. His first semester tuition fee is $3000 and he requires books with a total cost of $375. These amounts are paid by Mr. Musician.

The other adopted child , Sarah was born on September 2, 1996 and is in full time attendance at University for all of 2016 (including a four month summer session). Her tuition is $9600 and she requires textbooks which cost $750. These amounts are also paid by Mr. Musician. Sarah has no income during the year.

Neither Richard or Sarah will have any income in the next 3 years. They both have agreed that the maximum education related amounts should be transferred to their father.

Mr. Musician's mother, Eunice was born on April 10, 1929 and his father, Earl was born on Nov 16, 1927. they both live with Mr. Musician and his wife. While his father has some monitory issues, he is not infirm. His mother is legally blind. Eunice Musician had income of $9500 for the year, whole Earl Musician had income of $7500.

other information concerning Mr. Musician and his family for 2016 is as follows:

  1. Mr. Musician earned $16, 500 for work as the house pianist at the Loose Moose Pub. His T4 showed that his employer withheld $500 for income taxes and $310.20 for EI. No Cpp was withed as he has previously filed an election to stop contributing to CPP.
  2. During the year, Mr. Musician made his annual $3000 donation to Planned Parenthood of Canada, a registered Canadian charity. He had made donations for the last 5 years.
  3. Mr. Musician has been married before to Lori Musician. Lori is 52 years old and lives in Fort Eri, Ontario.
  4. Mr. Musician has two additional children who live with their mother, Ms. Dolly Nurse in Burnaby, British Columbia. The children are Megan Nurse, aged 12 and Andrew Nurse, aged 14. Neither Child has any income during 2016. While Ms. Nurse and Mr. Musician were never married, Mr. Musician acknowledges that he is the father of both childern. Although Buddy has provided limited financial aid by paying neither dental and medical expenses, the chidern are not dependent on Buddy for support.

required:

With the objective of minimizing Mr. Musician's tax payable, prepare Mr. Musician's 2016 income tax return assuming Natasha does not file a tax return. List any assumptions you have made, and any notes and tax planning issues you feel should be placed in the file

Show more
LEARN MORE EFFECTIVELY AND GET BETTER GRADES!
Ask a Question