T1 Project F2020 Answer Key PDF

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Client: Bong, Joon-ho SIN: 287 654 321 Printed: 2020/11/30 12:19 Canada Revenue Agence du revenu Designation Agency du Canada

Protected B when completed

of a Property as a Principal Residence by an Individual (ther than a Personal Trust)

Tax year

2019

Description of property

V

ER

SI O N

se this form to designate a property as a principal residence. You must also complete the Principal residence designation section of Schedule 3 for the year you are in one of the following situations: you disposed of, or were considered to have disposed of, your principal residence, or any part of it you granted someone an option to buy your principal residence, or any part of it Note If you were not a resident of Canada for the entire time you owned the designated property, call 1-800-959-8281. Your period of non-residence may reduce or eliminate the availability of the principal residence exemption. For more information about designating a principal residence and what ualifies as a principal residence, see Income Tax Folio S1-F3-C2, Principal Residence, or the Principal residence chapter in uide T4037, Capital ains. You can only designate one property as your principal residence for any specific year. owever, where you sell a principal residence and buy another (or move to another property that you own) in the same year, the plus one rule in calculating the principal residence exemption amount will allow you to claim the principal residence exemption for both properties for that year even though you can only designate one property as your principal residence. For dispositions that occurred after October 2, 2016, if you were a non-resident throughout the taxation year in which the property was purchased or acuired, the plus 1 rule does not apply. If you ticed box 1 at line 17900 of Schedule 3, you only need to complete the first page of this form. You do not need to report any gain amount on Schedule 3 for this property. If you are filing electronically, eep this form in case we as to see it later. If you are filing a paper return, you must complete, sign, and attach this form to your return.

TR IA L

Provide the information reuested below for the property you disposed of in the tax year. Complete a separate form for each property you sold. Address Proceeds of Street number, street name, and unit number if applicable Year of acuisition disposition

4013 Jingle Pot Road

Prov./Terr.

Postal code

City

Country

BC

V9T 5P9

Nanaimo

CAN

9954

9955

2007

345,000 00

Designation

I, Bong, Joon-ho , hereby designate the property described above to have been my principal residence (print your name) for the following number of tax years ending after the acquisition date:

12 1

After 1981 After 1971 and before 1982 Total number of years designated (line 1 plus line 2)



2

9956 

12 3

For those years after 1981, I also confirm that neither I, nor my spouse or common-law partner (who was not separated and living apart from me throughout the year under a judicial separation or written separation agreement), nor any of my children (who were under 18 and unmarried or not in a common-law partnership throughout the year) designated any other property as a principal residence. For any tax year after 1981 for which I am designating the property and throughout which I was under 18 and unmarried or not in a common-law partnership, I also confirm that neither my mother, father, nor any of my brothers and sisters (who were under 18 and unmarried or not in a common-law partnership throughout the year) designated any other property as a principal residence. For those years before 1982, I confirm that I have not designated any other property as my principal residence. Note If the property was designated as a principal residence for the purpose of filing Form T664 or T664(Seniors), you have to include those previously designated tax years as part of this principal residence designation. Signature

Social insurance number

Date

287 654 321

2020/11/30

T2091(IND) E (19) Page 1 of 4

Client: Bong, Joon-ho SIN: 287 654 321 Printed: 2020/11/30 12:19

Protected B when completed Definitions For the purpose of this form, the acquisition date is the date on which you acuired or last reacuired the property, or December 31, 1971, whichever is later. owever, if you or your spouse or common-law partner filed Form T664 or T664(Seniors), you or your spouse or common-law partner are not considered to have disposed of and immediately reacuired the property as a result of that election. The term spouse used throughout this form applies to a person to whom you are legally married. For 1993 to 2000, a spouse included a common-law spouse. For 2001 and future years, the reference to spouse is replaced with spouse or common-law partner as defined in the Definitions section in uide T4037, Capital ains.

SI O N

Note If you made an election to have your same-sex partner considered your common-law partner for 1998, 1999, and/or 2000, then, for those years, your common-law partner also can not designate a different housing unit as their principal residence.

ER

Information needed to calculate the capital gain If you ticed either box 2 or 3 at line 17900 of Schedule 3, you must complete the remainder of this form that is applicable to your particular situation. If you disposed of, or were considered to have disposed of, a property for which you or your spouse or common-law partner filed Form T664 or T664(Seniors), Election to Report a Capital ain on Property Owned at the End of February 22, 1994, use this form to calculate the capital gain for the year if one of the following applies: the property was your principal residence for 1994 you are designating the property in this form as your principal residence for any tax year

V

You may be entitled to a reduction as a result of the capital gains election. To calculate this reduction, use Form T2091(IND)-S, Principal Residence orsheet. To get this form, go to canada.ca/cra-forms-publications or call 1-800-959-8281. Number of tax years for which the property is designated as a principal residence (from line 3 of first page)



12 3

TR IA L

Number of tax years ending after the acquisition date in which you owned the property (ointly with another person or otherwise):

13 4

After 1981 After 1971 and before 1982 Total number of years owned (line 4 plus line 5)

 

5

13 6 345,000 00 7 11,600 00 8

Proceeds of disposition or deemed disposition Outlays and expenses related to the disposition Adusted cost base at the time of disposition (If you or your spouse or common-law partner filed Form T664 or T664(Seniors) for this property, do not tae into consideration any increase to the adusted cost base as a result of that election.) Adusted cost base on December 31, 1981 Fair maret value on December 31, 1981 Adustments to the cost base made after 1981 (for example, capital expenditures)

90,000 00 9 10 11 12

Calculation of the capital gain Part 1 Proceeds of disposition or deemed disposition (line 7) Adusted cost base at the time of disposition (line 9) Outlays and expenses (line 8) Line 14 plus line 15

 

Capital gain before principal residence exemption (line 13 minus line 16) Amount from line 17 Line 3 plus 1 (one year is granted by law  ) Multiply line 18 by line 19 Line 6 Divide line 20 by line 21

x   

Net capital gain from Part 1 (line 17 minus line 22 if negative, enter 0)

345,000 00 13 90,000 00 14 11,600 00 15 101,600 00  243,400 00 18 13 19 3,164,200 00 20 13 21 243,400 00 

101,600 00 16 243,400 00 17

243,400 00 22

 If you disposed of your principal residence after October 2, 2016, and were a non-resident throughout the year of acuisition of the property, you are not eligible to use the plus 1 in this calculation.

T2091(IND) E (19) Page 2 of 4

23

Client: Bong, Joon-ho SIN: 287 654 321 Printed: 2020/11/30 12:19

Protected B when completed Part 2 Complete Part 2 only if the property disposed of is one of two or more properties that ualify as principal residences a family member owned on December 31, 1981, and continuously thereafter until its disposition. Yes X No You will find a definition of family in the Principal residence chapter in uide T4037, Capital ains. In all other cases, do not complete Part 2 and enter the amount from line 23 above on line 53 in Part 3 on the next page. a) Pre-1982 gain - If you designated the property as a principal residence for all the years you owned it before 1982, do not complete lines 24 to 31 and enter 0 on line 32.

SI O N

Fair maret value on December 31, 1981 (line 11) Adusted cost base on December 31, 1981 (line 10) Pre-1982 gain before principal residence exemption (line 24 minus line 25) Amount from line 26 Line 2 plus 1 (one year is granted by law  ) Multiply line 27 by line 28 Line 5 Divide line 29 by line 30

 x   

24 25 26

27 28 29 30



ER

Pre-1982 gain (line 26 minus line 31 if negative, enter 0)

31 32

 If you disposed of your principal residence after October 2, 2016, and were a non-resident throughout the year of acuisition of the property, you are not eligible to use the plus 1 in this calculation. Post-1981 gain - If you designated the property as a principal residence for all the years you owned it after 1981, enter 0 on line 44 and complete area d) below.

V

b)

Proceeds of disposition or deemed disposition (line 7)

TR IA L

Fair maret value on December 31, 1981 (line 11). If the fair maret value of the property on December 31, 1981, is more than the amount on line 33, enter 0 on line 44 and complete areas c) and d) below Adustments made to the cost base after 1981 (line 12) Outlays and expenses (line 8) Add lines 34 to 36 Post-1981 gain before principal residence exemption (line 33 minus line 37) Amount from line 38 Line 1 Multiply line 39 by line 40 Line 4 Divide line 41 by line 42

33

  

34 35 36



37 38

43

Post-1981 gain (line 38 minus line 43 if negative, enter 0)



c) Post-1981 loss Fair maret value on December 31, 1981 (line 11) Proceeds of disposition or deemed disposition (line 7) Post-1981 loss (line 45 minus line 46 if negative, enter 0)



d) Net capital gain from Part 2 Pre-1982 gain, if any (line 32) Post-1981 gain, if any (line 44) Line 48 plus line 49 Post-1981 loss, if any (line 47) Net capital gain from Part 2 (line 50 minus line 51 if negative, enter 0)

x   

  

39 40 41 42 44 45 46 47

48 49 50 51 52

T2091(IND) E (19) Page 3 of 4

Client: Bong, Joon-ho SIN: 287 654 321 Printed: 2020/11/30 12:19

Part 3 Total capital gain - If you completed Part 2, enter the amount from line 23 of Part 1 or line 52, whichever is less. Otherwise, enter the amount from line 23 53 Complete Part 4 only if you or your spouse or common-law partner filed Form T664 or T664(Seniors) for this property. In all other cases, enter the amount from line 53 on line 15800 of Schedule 3, Capital ains (or Losses), for dispositions or deemed dispositions. Part 4

SI O N

Total capital gain before reduction (line 53) Reduction as a result of the capital gains election (line 66 of Form T2091(IND)-S) Capital gain (line 54 minus line 55 if negative, enter 0)



54 55 56

Enter the amount from line 56 on line 15800 of Schedule 3, Capital ains (or Losses), for dispositions or deemed dispositions.

TR IA L

V

ER

See the privacy notice on your return.

T2091(IND) E (19) Page 4 of 4

Client: Bong, Joon-ho SIN: 287 654 321 Printed: 2020/11/30 12:19

T1Summary

2019 Tax Return Summary

Taxpayer personal information

Spousal information

SIN Name Care of Street address P.O. Box, R.R. City Province Postal code Home phone Birthdate Marital status

SIN Name Birthdate

287 654 321 Bong, Joon-ho 1306 Parasite Ave

Apt #

527 000 061 Theron, Julia 1984/07/06

Filing British Columbia X Yes No Yes X No Nothing

Province of residence on 2019/12/31 EFILE this return? Is return discounted? Use preparer address for:

SI O N

Victoria BC V8S 1C4 (___) ___-____ 1980/11/30 Married

V

ER

Total income Employment income (box 14 on all T4 slips) Taxable amount of dividends from taxable Canadian corporations Interest and other investment income (Complete the Worksheet for the return) 31,200 00 Rental income Gross 12599 Taxable capital gains (Attach Schedule 3) Self-employment income 27,500 00 Business income Gross 13499

Net income 20600 Pension adjustment (box 52 on T4 slips, box 34 on T4A slips) Registered pension plan deduction (box 20 on T4 slips and box 32 on T4A slips) RRSP deduction /pooled registered pension plan (PRPP) deduction (see Schedule 7 and attach receipts) Annual union, professional, or like dues (box 44 on T4 slips, or from receipts) Moving expenses Deduction for CPP or QPP enhanced contributions on employment income (Complete Schedule 8 or get and complete Form RC381, whichever applies.) Other employment expenses Other deductions Specify: See schedule

10100 12000 12100 Net 12600 12700

163,832 00 19,734 00 240 00 3,790 00 19,504 00

Net 13500 Total income 15000

12,751 13 219,851 13

219,851 13

3,200 00 3,200 00

20800 21200 21900

10,500 00 1,290 00 32,927 95

22215 22900

80 85 11,980 00

Add lines 20700 to 22400, 22900, 23100 and 23200.

23200 23300

950 00 60,928 80 Net income 23600

60,928 80 158,922 33

Taxable income Non-capital losses of other years Net capital losses of other years Add lines 24400 to 25600.

25200 25300 25700

16,800 00 4,150 00 20,950 00 Taxable income 26000

20,950 00 137,972 33

TR IA L

20700

Non-refundable tax credits Basic personal amount CPP or QPP contributions through employment Employment Insurance premiums from box 18 on all T4 slips Canada employment amount (see the guide) Tuition and education amounts (Attach Schedule 11) Medical expenses (attach receipts) Minus: $2,352 or 3% of line 23600, whichever is less Subtotal Add lines 30 and 31. Add lines 1 to 26 Multiply the amount on line 26 by 15% Donations and gifts

claim $12,069 30000 (maximum $2,748.90) 30800 (maximum $860.22) 31200 (maximum $1,222) 31260 32300 33099 9,450 00 2,352 00 7,098 00 30 7,098 00 33200 33500

12,069 00 2,668 05 860 22 1,222 00 17,250 00

7,098 00 41,167 27 = 33800 Credit 34900

6,175 09 1,886 00

Total federal non-refundable tax credits: 27 and 28. 35000

8,061 09

Net federal tax. 42000 42800 Total payable 43500 43700 48,492 00 Total credits 48200 48,492 00 Total payable minus total credits Refund 48400

16,988 37 7,108 47 24,096 84

6,600 00

Refund or Balance owing Provincial or territorial tax Total income tax deducted (from all information slips)

48,492 00 (24,395 16) 24,395 16

2020 Estimated RRSP contribution limit

35,090 00 Page 1 of 1...