Prince Edward Island T1 Tax Return - ACC405N1A Seneca College 2018

This document provides a detailed solution to a Prince Edward Island T1 Income Tax and Benefit Return, likely for an assignment related to the ACC405N1A course at Seneca College. The solution includes calculations for non-refundable tax credits, taxable income, and Prince Edward Island tax, as well as considerations for low-income tax reduction and other credits. The document meticulously fills out the necessary forms and schedules, demonstrating a comprehensive understanding of the tax return process. Desklib offers a wide range of study tools and resources, including similar solved assignments and past papers, to support students in their academic endeavors.

Protected B when completed
Prince Edward Island
Tax and Credits
PE428
T1 General – 2017
Complete this form and attach a copy to your return. For more information, see the forms book.
Step 1 – Prince Edward Island non-refundable tax credits
5601For internal use only
5804 1Basic personal amount claim $8,160
5808 2Age amount, if born in 1952 or earlier (use the Provincial Worksheet) (maximum $3,764) +
Spouse or common-law partner amount
Base amount
Minus: their net income from page 1 of your return –
5812 3Result: (if negative, enter "0") = (maximum $6,931)
◄ +
Eligible dependant amount
Base amount
Minus: their net income from line 236 of their return –
5816 4Result: (if negative, enter "0") = (maximum $6,931)
◄ +
5820 5Amount for infirm dependants age 18 or older (use the Provincial Worksheet) +
5823 6Amount for young children (complete chart on last page) 6372Number of months × $100 = +
CPP or QPP contributions:
5824 7(amount from line 308 of your federal Schedule 1) + •
5828 8(amount from line 310 of your federal Schedule 1) + •
Employment insurance premiums:
5832 9(amount from line 312 of your federal Schedule 1) + •
5829 10(amount from line 317 of your federal Schedule 1) + •
5836 11Pension income amount (maximum $1,000) +
5840 12Caregiver amount (use the Provincial Worksheet) +
5844 13
Disability amount for self
(claim $6,890 or, if you were under 18 years of age, use the Provincial Worksheet.) +
5848 14
Disability amount transferred from a dependant
(use the Provincial Worksheet) +
5850 15Teacher school supply amount (maximum $500) +
5852 16Interest paid on your student loans (amount from line 319 of your federal Schedule 1) +
5856 17Your tuition and education amounts (attach Schedule PE(S11)) +
5860 18Tuition and education amounts transferred from a child +
5864 19Amounts transferred from your spouse or common-law partner (attach Schedule PE(S2)) +
Medical expenses:
5868 20Amount from line 330 of your federal Schedule 1
21Enter $1,678 or 3% of line 236 of your return, whichever is less. –
22Line 20 minus line 21 (if negative, enter "0") =
5872 23
Allowable amount of medical expenses for other dependants
(use the Provincial Worksheet) +
5876 24Add lines 22 and 23. =
◄ +
5880 25Add lines 1 to 19, and line 24. =
26Prince Edward Island non-refundable tax credit rate ×
5884 27Multiply line 25 by line 26. =
Donations and gifts:
28Amount from line 16 of your federal Schedule 9 × 9.8% =
29Amount from line 17 of your federal Schedule 9 × 16.7% = +
5896 30Add lines 28 and 29. =
◄ +
6150 31Prince Edward Island non-refundable tax credits
Add lines 27 and 30.
Enter this amount on line 43. =
Continue on the next page.
5002-C
Clear Data Help
7,624.00
7,624.00
435.60
231.24
9,900.00
10,566.84
9.8%
1,035.55
1,035.55

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Step 2 – Prince Edward Island tax on taxable income
32Enter your taxable income from line 260 of your return.
Complete the appropriate column depending on the amount on line 32.
Line 32 is
$31,984 or less
Enter the amount from line 32.
–
Line 33 minus line 34 (cannot be negative) =
×
Multiply line 35 by line 36. =
+Prince Edward Island
tax on taxable incomeAdd lines 37 and 38. =
Line 32 is more than
$31,984 but not
more than $63,969
–
=
×
=
+
=
Line 32 is more
than $63,969
–
=
×
=
+
=
33
34
35
36
37
38
39
Step 3 – Prince Edward Island tax
40Enter your Prince Edward Island tax on taxable income from line 39.
6151 41Enter your Prince Edward Island tax on split income from Form T1206. + •
42Add lines 40 and 41. =
43Enter your Prince Edward Island non-refundable tax credits from line 31.
6152 44
Prince Edward Island dividend tax credit:
Credit calculated for line 6152 on the Provincial Worksheet + •
6154 45
Prince Edward Island minimum tax carryover:
Amount from line 427 of your federal Schedule 1 × 57.5% = + •
46Add lines 43 to 45. =
◄ –
47Line 42 minus line 46 (if negative, enter "0") =
Prince Edward Island additional tax for minimum tax purposes:
48Amount from line 117 of Form T691 × 57.5% = +
49Add lines 47 and 48. =
50P.E.I. surtax: (Amount from line 49 minus $12,500) × 10% (if negative, enter "0") = +
51Add lines 49 and 50. =
Prince Edward Island low-income tax reduction
If you had a spouse or common-law partner on December 31, 2017, you need to agree on who will claim this
tax reduction. Only one of you can claim it for your family. However, any unused amount can be claimed by
the other person.
6342 52•Unused low-income tax reduction from your spouse or common-law partner, if applicable –
53Line 51 minus line 52 (if negative, enter "0") =
If you claimed an amount on line 52, enter "0" on line 73.
Adjusted family income for the calculation of the
Prince Edward Island low-income tax reduction
Column 1
You
Column 2
Your spouse or
common-law partner
54Enter the net income amount from line 236 of the return. 54
55
Universal child care benefit (UCCB) repayment:
Enter the amount from line 213 of the return. + 55+
56Add lines 54 and 55. = 56=
57UCCB income: Enter the amount from line 117 of the return. – 57–
58Line 56 minus line 57 (if negative, enter "0") = 58=
59Adjusted family income
Add the amounts on line 58 in column 1 and column 2, if applicable.
Enter the result on line 68 on the next page.
Continue on the next page.
5002-C
Clear Data Help
12,300.00
12,300.00
0.00
12,300.00
9.8%
1,205.40
0.00
1,205.40
31,984.00
13.8%
3,134.00
63,969.00
16.7%
7,548.00
1,205.40
1,205.40
1,035.55
1,035.55 1,035.55
169.85
169.85
169.85
169.85

Protected B when completed
Step 3 – Prince Edward Island tax (continued)
60Enter the amount from line 53 on the previous page.
6339 61Basic reduction claim $350
6336 62Age reduction for self claim $250 +
6340 63Reduction for your spouse or common-law partner claim $350 +
6337 64Age reduction for your spouse or common-law partner claim $250 +
6341 65Reduction for an eligible dependant claimed on line 5816 claim $350 +
66
Reduction for dependent children born in 1999 or later
6099
Number of dependent children
(do not include a child claimed on line 65) × $300 = +
67Add lines 61 to 66. =
Adjusted family income
68Enter the amount from line 59 on the previous page.
69Base amount –
70Line 68 minus line 69 (if negative, enter "0") =
71Applicable rate ×
72Multiply line 70 by line 71. =
◄ –
73Prince Edward Island low-income tax reduction
Line 67 minus line 72
(if negative, enter "0") =
◄ –
74Line 60 minus line 73 (if negative, enter "0") =
75Enter the provincial foreign tax credit from Form T2036. –
76Line 74 minus line 75 (if negative, enter "0") =
Political contribution tax credit
6338 77Prince Edward Island political contributions made in 2017
78Credit calculated for line 78 on the Provincial Worksheet (maximum $500) –
79Line 76 minus line 78 (if negative, enter "0") =
Equity tax credit
6350 80Enter the equity tax credit from Certificate PE-ETC.
81
Unused Prince Edward Island equity tax credit from your 2016 notice of assessment
or notice of reassessment +
82Line 80 plus line 81 (maximum $7,000) =
◄ –
83Prince Edward Island tax
Line 79 minus line 82 (if negative, enter "0")
Enter the result on line 428 of your return. =
Prince Edward Island volunteer firefighter tax credit
6351 84
Volunteer firefighter tax credit
Enter the amount on line 479 of your return. claim $500
Unused low-income tax reduction that can be claimed by your spouse or common-law partner
85Amount from line 73
86Amount from line 51 –
87Unused amountLine 85 minus line 86 (if negative, enter "0") =
Details of amount for young children (If you need more space, attach additional pages.)
Child's name Relationship to you Child's date of birth
(Year Month Day)
Number of
eligible months
+
+
Total number of eligible months for all children =
Enter this amount beside box 6372 on page 1.
See the privacy notice on your return.
5002-C
Clear Data Help
17,000.00
5%
169.85