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Taxation Case Study Assignment

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Taxation Case Study Assignment

Taxation Case Study Assignment

CLIENT CASE STUDY

Wu Jiacheng is a Canadian resident from Prince Edward Island, CA 889-82688. Wu Jiacheng was born in 1988, and he is single as well have no children. Wu Jiacheng has social insurance with his insurance number of NA-297995. Furthermore, Wu has a Registered Retirement Savings Plan (RRSP) in which he saves for his retirement, and he contributes an amount of $8,610 per month to the scheme. Wu Jiacheng earns a salary of $99,145 per month, and he expects this amount to increase in the following year of 2020. Due to salary increase expectations by Wu, he plans to increases his RRSP contribution in 2020 by 20% to $10,332. 

Wu Jiacheng has an income deduction of $ 23,484, and he earns an interest of $ 2,522 as well as being eligible for receiving a dividend of $ 1,763. Wu Jiacheng has made an investment in property, and he gets the income from the rental in which he earns revenue of $ 11,956, and he incurs an expense of $ 2,814. Furthermore, he has capital income where he receives proceeds of $ 156,956 from his investment in shares of Alimentation Couche-Tard Inc., which earns a good return of 1190% for a 10-year investment. His capital gains from have adjusted cost base (ACB) of $22,388, which results from the disposal of his properties. Wu Jiacheng is also eligible for medical expenses of $5,547 from his employee. 

Filling of tax will require Wu Jiacheng to complete Form TD1, Personal Tax Credits Return. TD1 is a form used to determine the amount of tax to be deducted from Wu’s employment income or his other income, for instance, his pension income. Tax filing is done per the guidelines of CRA, which outlines the procedures and standard for filling of income tax.

TAX FORMS

The following tax forms were completed and presented in Pdf Format.

 

-        Income Tax Benefit Returns

-        Taxable income worksheet

-        Canada Workers Benefits( CWB)

-        Capital Gains Form

-        RRSP Form

-        Donations and Gifts slip

SUMMARY LETER

Aron Chepkwony, 

P.O. BOX 846-82688

Prince Edward Island,

+1(567)2353-0789,

aronchepkwony2016@gmail.com

 

9th April 2020.

Wu Jiacheng, 

Alimentation Couche-Tard Inc.,

P.O. BOX 889-82688

Prince Edward Island. 

 

Dear Wu Jiacheng, 

I am pleased to write to you concerning how and when to file your tax returns after preparing your comprehensive taxable income as per CRA. 

Your net income is $ 369,226.88, and after adjustments, the taxable income is equivalent to $ 85,778.98. The Federal tax payable is a refund of $ 13146.41, with an average tax rate of 3.56% and its marginal tax rate of 23.23$. A total of $8610 and $ 270.99 saved from tax purposes due to RRSP contribution and charitable contributions, respectively. The marginal tax rate is significant in financial planning since it serves as a guide in determining the amount to raise to keep after taxes or for deciding for contributions to various schemes. 

The government of Canada has announced tax measures due to the effect of the COVID-19 pandemic. Thus, tax filing and payment deadline individual tax remittance for 2019 extended to June 1, 2020. 

Thank you for your business, and please contact me anytime for consultations. I look forward to completing your tax return the next year. 

Yours Sincerely, 

 

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