Question

in 2023, william barker, who is single, earned the following income and incurred the following losses: employment income $ 16,000 business loss $ (4,000 ) taxable capital gains $ 7,000 property income (interest) $ 18,000 allowable capital loss from the sale of shares of public corporations $ (9,000 ) allowable capital loss from the sale of shares of a ccpc that qualifies as a small business corporation $ (2,000 ) at the end of 2022, william had: unused net capital losses of $ 16,000 and unused non-capital losses of $37,000. for 2023, william does not want to pay any federal tax and is entitled to a deduction for cpp enhanced contributions of $125, the basic personal tax credit $15,000, the canada employment credit $1,287 and the cpp

Answer 1

In 2023, William Barker had various sources of income and incurred certain losses. He also had unused capital and non-capital losses from the previous year. For 2023, William is eligible for certain deductions.

Step-by-step explanation:

In 2023, William Barker earned the following income and incurred the following losses:

• Employment income: $16,000
• Business loss: $4,000
• Taxable capital gains: $7,000
• Property income (interest): $18,000
• Allowable capital loss from the sale of shares of public corporations: $9,000
• Allowable capital loss from the sale of shares of a ccpc that qualifies as a small business corporation: $2,000

At the end of 2022, William had unused net capital losses of $16,000 and unused non-capital losses of $37,000. For 2023, William is entitled to deductions for CPP enhanced contributions, basic personal tax credit, Canada employment credit, and CPP.