Ms. Sonia Nexus is a computer specialist with net employment income of $66,000. During the current year she has:
• a taxable capital gain on the sale of land of $13,500,
• an allowable capital loss on the sale of shares of $24,000,
• interest income of $10,250,
• net rental losses of $6,750, and
• a loss from her unincorporated business of $28,000.
In addition, she makes spousal support payments of $14,000 and makes a deductible contribution to her RRSP of $3,000 (these are Subdivision e deductions). Determine her minimum Net Income For Tax Purposes for the current year and indicate the amount and type of any loss carry overs that are available at the end of the year. Show all of your calculations.

Question

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The Answer of Ms. Sonia Nexus is a computer specialist with net employment income of $66,000. During the current year she has:
• a taxable capital gain on the sale of land of $13,500,
• an allowable capital loss on the sale of shares of $24,000,
• interest income of $10,250,
• net rental losses of $6,750, and
• a loss from her unincorporated business of $28,000.
In addition, she makes spousal support payments of $14,000 and makes a deductible contribution to her RRSP of $3,000 (these are Subdivision e deductions). Determine her minimum Net Income For Tax Purposes for the current year and indicate the amount and type of any loss carry overs that are available at the end of the year. Show all of your calculations.

Ms Sonia Nexus Is a Computer Specialist with Net Employment