Assignment 2 Fundament of Income Tax

Assignment Task

Ash graduated from secondary school in June and received a scholarship for excellent work in school, and has a T4A with $5,500 in Box 105. Ash took the summer off to do some travelling. In September, Ash began full-time study at the University of Your Province. Ash lives in a university residence during the academic year, but uses River Road as their official address. In addition to tuition of $3,000, Ash spent $350 on books and $25 for student association fees, and has receipts for these expenses. Ash’s T2202 shows that they attended university full-time for four months. Ash wants to transfer maximum tuition amounts to their parents.

Parker works as a meteorologist and Morgan works part-time as a graphic artist. Their information slips are reproduced below.

Parker and Morgan paid the following medical expenses in 2022, for which they were not reimbursed by their insurance:

Note: For anyone in NT or NU, assume that the chiropractic treatment took place outside of NT or NU (and would include any related eligible medical travel expenses).

Parker has official receipts for these expenses. The only other medical expenses the family had in 2022 were the premiums for the health insurance plan Parker paid through work.

Morgan was in hospital for six weeks during the year, but all expenses were covered by their health plan. Morgan paid Victoria Lipinski (SIN 805 212 438) $2,000 to care for Avery after, school on working days and for the six week hospital stay.

Parker and Morgan both have RRSP accounts. Parker contributed $4,000 into their own RRSP account in December 2022 and $4,000 into a spousal RRSP for Morgan in January 2023. Morgan has not contributed into RRSPs for the last 2 years. Parker's RRSP deduction limit is $45,000 and Morgan's RRSP deduction limit is $3,000.

Question

1. How much of the scholarship must Ash include in income? Explain your answer.

2. Ash is filing their own tax return; will Ash receive a GST/HST credit? Why or why not?

3. How much of the expenses for books and association fees can Ash claim on the tax return? Explain your answer

4. Explain how the childcare expenses should be claimed (by whom and how much).

5. List the medical expenses that can be claimed below.

6. Who should claim the medical expenses? Explain your answer.

7. Calculate the amount of the medical expense to be claimed on Line 33099 and on Line 33199. Show your calculations for both Lines.

8. Did Parker or Morgan over-contribute to their RRSPs? Is Form 12205 required for Parker and Morgan?

9. What refundable credits are Parker, Morgan and Ash entitled to?

10. Complete the federal Tax Return including a Schedule 11 for Ash.

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