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Mr. Robert Sparks earned income would be calculated as follows:
Net employment income = $85,000
Add back RPP contributions = $1,000
Income (Loss) from business = $16,000
2019 Earned Income = $85,000 + $1,000 + $16,000 = $102,000
Given this, his maximum deductible RRP is calculated as follows:
Unused deductions room carried forward from 2019 = Nil
Annual addition:- Lesser of:
Less: 2019 PA ($1,000 + $1,500) = ($2,500)
Maximum deductible RRSP contribution = $18,360 - $2,500 = $15,860
During 2019, Mr. Robert Sparks had the following amounts of income and deductions on his tax return: Net employment income - $ 85,000 Income (Loss) from business - 16,000 Interest income - 6,000 Taxable capital gai
T-12. During 2019, Hugh had the following net income and loss with respect to nonrental nonreal estate activities: Activity X ($50,000) net loss Activity Y $20,000 net income Both Activity X and Activity Y are passive activities to Hugh. Hugh purchased Activity X in 1987 and Activity Y in 1993. How much loss that Hugh may deduct in 2019? a. ($50,000) b. ($30,000) c. ($3,000) d. $0 d. None of these Please show your calculations. Thanks.