Yvonne's problem is to calculate net income for canadian tax purposes (B)
employment income 64,000
interest income 2,600
rental income 4,560
partnership loss 144,940 (50% )
dispositions taxable capital gain 32,420, allowable taxable losses 29,375
deductable contributions 12,480 paid to rrsp
indicate the amount and type of any loss carry overs that would be available at the end of the current year.
Income = 64000 + 2600 + 4560 = 71160
Taxable capital income = 32420 - 29375 = 3045
Total income = 74205 ...
The expert examines the loss carrying over from Canadian Taxes.