James Beach, born 1982-07-12, is a construction engineer who works

FIN 4012 Taxation Case #2 Norman A. Nelson 12/07/2018
FIN 4012 – Advanced Financial Planning – Spring 2018
Taxation Case #2: James Beach – Taxation Year 2017
James Beach, born 1982-07-12, is a construction engineer who works for Global Building
Corp. Earning approximately $130,000 p.a.
He lives in a 3-bedroom bungalow at 626 Beaches Trail, Toronto, ON M5M 5M5 which
he purchased four years ago for $575,000 with the help of a 5-year 2.59% fixed rate RBC
mortgage of $500,000 (30-year amortization).
At the time of acquisition he withdrew $24,000 from his RRSP under the Home Buyers’
Plan; repayment started in 2015.
James rents his finished walk-out basement (approximately 25% of his total square
footage) to Olive Oyle for $1,050 per month. His home expenses for 2017 are as follows:-

Utilities $500 per month Mortgage Interest $11,860 p.a.
Insurance $150 per month Maintenance $5,180 p.a.
Property Tax $450 per month Accounting Fee $160 p.a.

He received T4 Slip from his employer (Global Building Corp.) showing the following:-

Employment Income Box 14 $129,750.00
Employee’s CPP Box 16 $2,564.10
Employee’s EI premiums Box 18 $836.19
Income Tax Deducted Box 22 $35,090.39
Pension Adjustment Box 52 $9,850.00

He received investment income slips from CIBC as follows:-

T5 Dividend Income Box 24 $2,500.00
T5 Interest Income Box 13 $3,450.00
T3 Capital Gains Box 21 $6,900.00

FIN 4012 Taxation Case #2 Norman A. Nelson 12/07/2018
James also tells you that he:-
1. Has a non-contributory pension plan at work;
2. Contributed $400/month to his RRSP (Mar – Dec 2017);
3. Contributed $4,600 to his RRSP (Jan – Feb 2018);
4. His RRSP contribution limit for 2017 is $5,000;
5. Annual Dues of $500 paid to Ontario Society of Professional Engineers;
6. Did major dental work costing $8,536 but only 50% was covered by his insurance
company (Sun Life);
7. His health insurance premiums are partially paid by his employer. (He paid the
difference of $2,000);
8. Made charitable donations totaling $3,000;
9. Purchased $100.00 in GO Transit Passes monthly;
10. Attended GBC School of Continuing Education and received a T2202A form (see
details below). NB. $1,500 tuition paid for Jan to June 2017 & $1,300 paid for July
to Dec 2017

Tuition Fees Column A $2,800.00
Number of Months Pat-Time Column B 12
Number of Months Full-Time Column C 0

If you need additional information you may reach James at 416-000-0416 or via email at:
jimbeach@builderboys.ca.

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