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Homework answers / question archive / Profile Assignment Year 2021 George Smart is a self employed salesman who has been very successful at his job in the past few years
Profile Assignment Year 2021
George Smart is a self employed salesman who has been very successful at his job in the past few years.
Unfortunately, his family life has had some challenges.
George and his wife Judy, adopted their grandson, Paul, after a tragic accident which left Paul without his parents. Paul is blind, and also has major health problems.
Judy is not working at the present time, she cares for Paul, as well as her mother, Paula, who also lives with them. Paula suffers from severe depression. Paula's family doctor has signed a letter stating that she is dependent on George and Judy, because of her mental impairment.
George's sister Susy, completed an alcohol rehabilitation program after being fired for drinking on the job. She is also living with George and Judy while she is enrolled as a full time student at Humber
College. Susy pays for her own tuition but Susy wants to transfer any available education related amounts to George.
Personal Information:
Mr George Smart
SIN
Date of Birth
499 499 499
June 25, 1976
Marital status: Married
Canadian citizen YES
Provide information to Elections Canada YES
Own foreign property of more than $100,000 Cdn NO
Address:
Phone number
Spouse Judy Smart
SIN
Date of Birth
Net Income
Child: Grandson Paul
SIN
Date of Birth:
Net income:
150 Humber College Blvd, Toronto ON MlMlMl
416-675-6612
994-994-994
Jan18,1979
TS - Interest Income $5000
527 000 517
Mar 22, 2017
NIL
Mother in law: Paula Small
SIN
Date of Birth
Net Income
Sister: Susy Smart
SIN
Date of Birth:
Net income:
Susy's Tuition fees (T2202A)
517-000-483
Feb 10, 1940
$maximum OAS, $3000 CPP
527-000-533
April 8, 1969
$9,500
Tuition fees paid for Humber College
No of mths in school full time
$6,000
6
During the year, Susy was arrested in Mexico, Judy had to spend five weeks in Mexico and $2,000 in legal fees to get her released from jail.
George had to pay Nannies on Call $4500 for in home help to care for Paul while Judy was gone.
Self employment: Smart Company, year end December 31, 2021
Total Sales (Cash and accrual) $500,000
Expenses:
Opening inventory
Purchase
Direct labour
Closing inventory
Office supplies
Insurance
Life insurance
Rent
Telephone
Bank chgs & Interest
Eqiupment lease
Professional fees
Golf club dues
$15,000
$200,000
$100,000
$20,000
$12,500
$5,000
$3,000
$20,000
$5,000
$4,500
$5,800
$6,000
$2,800
Meals & Entertainment $9,500
During the year George purchased a new computer and software that was used solely for business related purposes. The computer cost $1,500 and the software programs cost $1,500
George sold the following assets during the year:
Description Maple Leaf shares Imperial Oil Shares Antique Car Painting
Number of units 150 387 n/a n/a
Year of acquisition 2012 2013 2013 2008
Date of disposition Feb 14 June 6 Oct 1 Aug 28
Proceeds of disposition $38,000 $9,500 $72,000 $1,100
Adjusted cost base $27,500 $12,150 $74,000 $450
Selling expenses $500 $450 n/a n/a
At the begirnning of the year, George had a net capital loss carryforward of $10,500 from the sale of shares in 2014.
RRSP
George made a spousal contribution to Judy's RRSP during the year, of $5,000, George's RRSP contribution limit for the current year, is $12,500. He has undeducted RRSP contributions carried forward of $1,000. Judy's contribution limit is $3,500.
Prepare tax returns in Profile software, when complete, save as a PDF file and email it to me.