Seneca College ACC405N1A - T1 Income Tax and Benefit Return 2017

This document presents a solved assignment for Seneca College's ACC405N1A course, focusing on the preparation of an individual T1 Income Tax and Benefit Return for the year 2017. The assignment details the case of Sue Brown, a full-time journalism student, and provides a step-by-step calculation of her federal non-refundable tax credits, federal tax on taxable income, and net federal tax. It includes entries from various schedules, such as Schedule 1 for federal tax credits and other relevant forms, to determine Sue's tax obligations and potential benefits. The solution incorporates information slips and scenarios like tuition fees, scholarship exemptions, employment income, and rent payments to accurately complete the T1 return. This solved assignment serves as a valuable resource for students seeking to understand the intricacies of Canadian income tax calculations and benefit claims. Desklib offers a wide range of similar solved assignments and past papers.

Protected B when completed
T1-2017 Federal Tax Schedule 1
This is Step 5 in completing your return. Complete this schedule and attach a copy to your return.
For more information, see the related line in the guide.
Step 1 – Federal non-refundable tax credits
300 1Basic personal amount claim $11,635
301 2Age amount (if you were born in 1952 or earlier) (use the federal worksheet) (maximum $7,225) +
303 3Spouse or common-law partner amount (attach Schedule 5) +
304 4
Canada caregiver amount for spouse or common-law partner, or eligible dependant age 18 or older
(attach Schedule 5) +
305 5Amount for an eligible dependant (attach Schedule 5) +
307 6Canada caregiver amount for other infirm dependants age 18 or older (attach Schedule 5) +
352
Canada caregiver amount for infirm children under 18 years of age
Enter the number of children for whom you are claiming this amount × $ = 367 7+
CPP or QPP contributions:
308 8
through employment from box 16 and box 17 of all T4 slips
(attach Schedule 8 or Form RC381, whichever applies) + •
310 9on self-employment and other earnings (attach Schedule 8 or Form RC381, whichever applies) + •
Employment insurance premiums:
312 10through employment from box 18 and box 55 of all T4 slips (maximum $836.19) + •
317 11on self-employment and other eligible earnings (attach Schedule 13) + •
362 12Volunteer firefighters' amount +
395 13Search and rescue volunteers' amount +
363 14
Canada employment amount
(If you reported employment income on line 101 or line 104, see line 363 in the guide.) (maximum $1,178) +
364 15Public transit amount (only claim amounts from January 1 to June 30, 2017) +
398 16Home accessibility expenses (attach Schedule 12) +
369 17Home buyers' amount +
313 18Adoption expenses +
314 19Pension income amount (use the federal worksheet) (maximum $2,000) +
316 20Disability amount (for self) (claim $8,113, or if you were under 18 years of age, use the federal worksheet) +
318 21Disability amount transferred from a dependant (use the federal worksheet) +
319 22Interest paid on your student loans +
323 23Your tuition, education, and textbook amounts (attach Schedule 11) +
324 24Tuition amount transferred from a child +
326 25Amounts transferred from your spouse or common-law partner (attach Schedule 2) +
330 26
Medical expenses for self, spouse or common-law partner, and your
dependent children born in 2000 or later
27Enter $2,268 or 3% of line 236 of your return, whichever is less. –
28Line 26 minus line 27 (if negative, enter "0") =
331 29
Allowable amount of medical expenses for other dependants
(do the calculation at line 331 in the guide) + 332 30Add lines 28 and 29. =
◄ +
335 31Add lines 1 to 25, and line 30. = 32Federal non-refundable tax credit rate ×
338 33Multiply line 31 by line 32. =
349 34Donations and gifts (attach Schedule 9) +
350 35Total federal non-refundable tax credits
Add lines 33 and 34.
Enter this amount on line 47 on the next page. =
Continue on the next page.
5000-S1
Clear Data Help
2,150
435.60
231.24
666.84
15%
100.03
100.03

Protected B when completed
Step 2 – Federal tax on taxable income
36Enter your taxable income from line 260 of your return.
Complete the appropriate
column depending on the
amount on line 36.
Line 36 is
$45,916 or less
Enter the amount
from line 36.
–Line 37 minus line 38
(cannot be negative) =
×Multiply line 39
by line 40. =
+
Add lines 41 and 42. =
Line 36 is more
than $45,916 but
not more than
$91,831
–
=
×
=
+
=
Line 36 is more
than $91,831 but
not more than
$142,353
–
=
×
=
+
=
Line 36 is more
than $142,353 but
not more than
$202,800
–
=
×
=
+
=
Line 36 is more
than $202,800
–
=
×
=
+
=
37
38
39
40
41
42
43
Step 3 – Net federal tax
44Enter the amount from line 43.
424 45Federal tax on split income (from line 5 of Form T1206) + •
404 46Add lines 44 and 45. =
◄
350 47
Enter your total federal non-refundable tax credits
from line 35 on the previous page.
425 48Federal dividend tax credit + •
427 49Minimum tax carryover (attach Form T691) + •
50Add lines 47, 48, and 49. =
◄ –
429 51Basic federal taxLine 46 minus line 50 (if negative, enter "0") =
405 52Federal foreign tax credit (attach Form T2209) –
406 53Federal taxLine 51 minus line 52 (if negative, enter "0") =
409 54
Total federal political contributions
(attach receipts)
410 55
Federal political contribution tax credit
(use the federal worksheet) (maximum $650) •
412 56Investment tax credit (attach Form T2038(IND)) + •
Labour-sponsored funds tax credit (see lines 413 and 414 in the guide)
413
Net cost of shares of a provincially
registered fund 414 57Allowable credit + •
416 58Add lines 55, 56, and 57. =
◄ –
417 59
Line 53 minus line 58 (if negative, enter "0")
If you have an amount on line 45 above, see Form T1206. =
415 60
Working income tax benefit advance payments received
(box 10 of the RC210 slip) + •
418 61Special taxes (see line 418 in the guide) +
420 62Net federal tax
Add lines 59, 60, and 61.
Enter this amount on line 420 of your return. =
5000-S1 See the privacy notice on your return.
Clear Data Help
12,300.00
12,300.00
0.00
12,300.00
15%
1,845.00
0.00
1,845.00
45,916.00
20.5%
6,887.00
91,831.00
26%
16,300.00
142,353.00
29%
29,436.00
202,800.00
33%
46,965.00
1,845.00
1,845.00 1,845.00
100.03
100.03 100.03
1,744.97
1,744.97
1,744.97
1,744.97