Country : Australia
Assignment Task:

Task:

You are required to prepare personal income tax returns using a tax software as part of the evaluation components for this course. The case study covers all the rules learned in this course. The facts you must use are given below. The completed tax returns must be submitted a few weeks before the end of the course no later than the date indicated on the Course Schedule. I strongly recommend you start working on the tax returns early in the course and not wait until the case study becomes due. This is a comprehensive exercise and you should expect it will take you several days (possibly over a week) to properly complete. Also, it usually takes a few days to obtain the license to download the free tax software provided with this course (see below), so plan ahead.

The publisher of the textbook for this course has made arrangements with Intuit Canada to have a professional tax return software called "Profile" made available free of charge to students of this course. The process to download the free copy of the software requires that you register with Intuit Canada. This process is explained in detail in a separate message I posted in the Case Study forum on the Discussion Board, as well as on MyLab.
 

REQUIRED:
Using a tax preparation software - preferably the Profile software that is provided free of charge by Intuit Canada to students of this course - and the facts given below, complete the tax return (Form T1) for Mr. James Doode and his common- law partner, Susan Bond, for the 2020 taxation year, including all relevant schedules, forms and worksheets, e.g. Form T2125 for the calculation of business income, T776 for the rental income, etc. Ignore all GST/HST aspects. You must submit the completed tax returns for both James and Susan through the Case Study link on the Blackboard portal by attaching the file containing the data for both tax returns coupled together if you used the Profile tax software (the file should have a .20T extension if you are using the 2020 version of the software). Do not attach the program file for the Profile software (file called "profile.exe") as that file does not contain the data for the tax returns you prepared. No marks will be given for submitting the Profile program by itself.

 

INFORMATION TO USE FOR THE TAX RETURN CASE STUDY:
James Doode decided to start his own business in 2019 after retiring from the Canadian Armed Forces. Upon retirement in 2018, James elected to receive immediate monthly pension payments from his former employer's pension plan. James’ business consists of a motorcycle shop known as James’ Specialty Bike Shop, selling and repairing motorcycles (industry code 441220). James proudly specializes in customizing motorcycles to very exclusive clients.

James hired you to prepare his personal tax return for the year 2020, as well as for his common-law partner, Susan Bond. James and Susan want to pay the very least tax possible. They will use any election or choice legally available to them to achieve that objective. James' income is mainly from his pension and personal business, while Susan's income is mainly from her salary as bookkeeper for James' business. Attached is an Appendix showing the relevant financial information pulled from the accounting records for James' business. The amounts shown have not been adjusted for tax purposes. James expects you to identify which items are allowed for tax purposes to comply with the tax laws in Canada.

 

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  • Posted on : April 02nd, 2019
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