invested most of her past employment earnings into a large portfolio which paid the following...
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invested most of her past employment earnings into a large portfolio which paid the following amounts during 2020 , the current year. (Click on the icon to view Part 1 of the additional information.) (Click on the icon to view Part 2 of the additional information.) Requirement 1. Compute Dr. Bauer's net property income for 2020. Fill in the table below to compute the net property income. (Round amounts to the nearest cent. Enter deductions with parentheses or a minus sign.) Item Dividends from public Canadian corporations (subject to high corporate tax rates): Dividends from private Canadian corporations (subject to low corporate tax rates): Interest income received from Canadian sources: Dividends from foreign corporations (translated into Canadian dollars): Amount $24,000 33,500 18,000 12,700 Note: Total foreign dividends earned was $14,150 less foreign tax withheld of $1,450. Jayden's portfolio of investments includes a five-year investment contract purchased three years ago on September 1 . The investment contract has a maturity value of $155,000 and an annual interest rate of 3%. The total interest earned on the investment contract will be paid on maturity on September 1, 2022, two years from now. Jayden did not receive any interest (cash) from this investment contract in 2020 . Jayden's portfolio of investments is managed by a large Canadian brokerage firm called Premier Investments Inc. ("Premier") Premier charges Jayden investment counsel fees of $5,300 during 2020. In 2019 , the previous year, Jayden received a large family inheritance, which she invested into a rental property. The property was purchased in 2019, and Jayden has claimed the maximum amount of capital cost allowance (CCA) on the property in 2019. In 2020, the opening UCC balance in CCA Class 1 for the rental building is $335,000 and Jayden would like to claim the maximum CCA deduction on the rental income in 2020. The rental income and expense information for 2020 is as follows. To assist with filing her tax return, Jayden provides you with detailed records from her bank. The documents indicate that Jayden has borrowed the following amounts from her bank. - $190,000 mortgage on the rental property with principal repayments totalling $14,500 and interest payments of $6,700 for 2020 - $355,000 mortgage on Dr. Bauer's personal home with principal repayments totalling $17,500 and interest payments of $7,800 for 2020 - $145,000 loan used to purchase mutual funds with Premier Investments Inc. Jayden paid interest of $4,800 on this loan during 2020. - $51,000 loan used to purchase Jayden's personal use vehicle. Jayden paid $2,380 of interest on this loan during 2020
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