Janine made the following contributions and donations during the current taxation year: Green Party of Canada:...

Janine made the following contributions and donations during the current taxation year:

Green Party of Canada: $250
Canadian Cancer Society: $300
British Columbia New Democratic Party: $100
United Way: $200
Liberal Party of Canada: $350

What is the federal political contributions tax credit for Janine in the current year?

Expert Solution

Federal political contributions are donations that were made to a registered federal political party.

Tax credit can be received up to 75 percent of the first $400 of donation, followed by 50 percent of any amount between $400 and $750 and 33.3 percent of amounts over $750. The maximum amount of the credit is capped at $650.

Donation given to	Federal Political Party?	Gross Amount Eligible
Green Party of Canada	Yes	$ 250
Canadian Cancer Society	No	NA	NGO
British Columbia New Democratic Party	No	NA	Provincial
United Way	No	NA	NGO
Liberal Party of Canada	Yes	$ 350
Total		$ 600

Total of $600 donation is eligble for federal political contributions tax credit.

For the first $400, 75% = $300

For the next $200, 50% = $100

Total federal political contributions tax credit for Janine in the current year is $ 300 +$ 100 = $400.

ekkarill92 answered 2 years ago

Suleman purchased 100 shares of Green Corporation for $1,200. During the current year, Green declared a...

Suleman purchased 100 shares of Green Corporation for $1,200. During the current year, Green declared a nontaxable 5% stock dividend. What is the basis per share before and after the stock dividend is distributed (rounded)? (LABEL AND SHOW ALL WORK WITH CALCULATIONS) A) Before After $12 $11.43 B) Before After $12 $12 C) Before After $11 $12 D) Before After $11.43 $12

Gwen Stefani makes the following charitable donations in the current year: 1. Inventory held for resale...

Gwen Stefani makes the following charitable donations in the current year: 1. Inventory held for resale in Gwen Stefani’s business (a sole proprietorship) Basis $ 8,000, Market Value $ 7,200 2. Stock in Driskoll, Inc., held as an investment (acquired two years ago) Basis 16,000, Market Value 40,000 3. Coin collection held as an investment (acquired five years ago) Basis 4,000, Market Value 20,000 The Driskoll stock and the inventory were given to Gwen Stefani’s church, and the coin collection...

C & M Securities made several expenditures during the current fiscal year, including the following: (a)...

C & M Securities made several expenditures during the current fiscal year, including the following: (a) For each of the items listed below, indicate whether the cost should be debited to land, buildings, equipment, land improvements, or an expense account. Amount Description of Expenditure 1. $150,000 Acquisition of a piece of land to be used as a building site Expense or...

Every year Green Community College contacts its alumni asking for donations. In the past, alumni have...

Every year Green Community College contacts its alumni asking for donations. In the past, alumni have always been contacted by phone. Last year, 50% of the alumni contacted contributed with a donation. This year, under the administration of the newly elected president Leonard, the university has decided to try a new method and plans to contact its alumni by e-mail. The university has decided to randomly contact half of its 7000 alumni by phone and the other half by e-mail....

For the current year, Mary sojourned in Canada for 210 days. Also, for the current year,...

For the current year, Mary sojourned in Canada for 210 days. Also, for the current year, Steve, a long-time resident of Quebec, was living in Canada for the first 210 days in 2020, after which he permanently departed from Canada. Explain how these two individuals will be taxed in Canada.

During the first month of its current fiscal year, Green Co. incurred repair costs of $19,000...

During the first month of its current fiscal year, Green Co. incurred repair costs of $19,000 on a machine that had 4 years of remaining depreciable life. The repair cost was inappropriately capitalized. Green Co. reported operating income of $169,000 for the current year. Required: a. Assuming that Green Co. took a full year's straight-line depreciation expense in the current year, calculate the operating income that should have been reported for the current year. b. Assume that Green Co.'s total...

During the first month of its current fiscal year, Green Co. incurred repair costs of $16,000...

During the first month of its current fiscal year, Green Co. incurred repair costs of $16,000 on a machine that had 4 years of remaining depreciable life. The repair cost was inappropriately capitalized. Green Co. reported operating income of $164,000 for the current year. Required: a. Assuming that Green Co. took a full year's straight-line depreciation expense in the current year, calculate the operating income that should have been reported for the current year. Operating Income b. Assume that Green...

During the first month of its current fiscal year, Green Co. incurred repair costs of $24,000...

During the first month of its current fiscal year, Green Co. incurred repair costs of $24,000 on a machine that had 4 years of remaining depreciable life. The repair cost was inappropriately capitalized. Green Co. reported operating income of $164,000 for the current year. a. Assuming that Green Co. took a full year's straight-line depreciation expense in the current year, calculate the operating income that should have been reported for the current year. b. Assume that Green Co.'s total assets...

An employee's weekly earnings are $1,655.00. The employee's year-to-date Canada Pension Plan contributions are $1,050.00 and...

An employee's weekly earnings are $1,655.00. The employee's year-to-date Canada Pension Plan contributions are $1,050.00 and the employee's year-to-date Employment Insurance premiums are $384.00 for 2018. Step 1: CPP Step 2: Employer portion of CPP Step 3: EI Step 4: Employer portion of EI

Ray Ray made the following contributions this year. Charity Property Cost FMV United Way Cash 8,930...

Ray Ray made the following contributions this year. Charity Property Cost FMV United Way Cash 8,930 8,930 American Heart Association Pepsi stock 11,249 12,855 First Methodist Church Antique painting 2,301 7,148 American Heart Association plans to sell the stock to fund its operations. First Methodist Church intends to sell the antique painting. Ray Ray has owned the painting and Coca-Cola stock since 1990. What is the total amount of charitable contributions subject to the 30% of AGI ceiling?

Question