Order ID:89JHGSJE83839 Style:APA/MLA/Harvard/Chicago Pages:5-10 Instructions:
Felipe and Martina Gomez are both 66 years old. They are both in good health and have been married for over 30 years. Over the years, Martina has accumulated a portfolio of dividend paying stocks. During 2019, these stocks paid eligible dividends of $35,000. Her only other source of 2019 income was OAS payments totaling $7,400.
Felipe had 2019 net rental income of $25,000.In addition, he made a 2019 withdrawal from his Registered Retirement Income Fund (RRIF) of $84,000. Other than OAS payments described in Alternative 2, Felipe had no other income during 2019.
They are considering splitting Felipe\’s RRIF withdrawal and have come to you for advice. To assist in deciding whether or not they should use this election they have asked you to provide information under each of two alternatives:
Alternative 1 Their tax returns are prepared without splitting income. Felipe does not apply for OAS payments as they thought they would be totally clawed back due to his ongoing high level of income.
Alternative 2 Their tax returns are prepared using the pension income splitting election. Felipe\’s pension income is evenly split, with $42,000 going to each spouse. Felipe applied for OAS at the beginning of the year and received OAS payments of $7,400 during the year.
They have no deductions that will be used in the determination of Taxable Income. Their combined 2019 medical expenses total $18,700and they will be claimed by Felipe under each of the two alternatives.
Neither Felipe nor Martina are eligible for any tax credits other than the:
basic personal credit,
•age credit,
•dividend tax credit,
•pension income credit, and
•medical expenses tax credit
Required:
A. Calculate the amount of Net Income For Tax Purposes and Taxable Income for both Felipe and Martina under each of the two alternatives.
B. Based on your figures from Part A, calculate the amount owing to the CRA for both Felipe and Martina under each of the two alternatives. Provide a comparison of the amounts owing under the two alternatives.
C. Comment on the advantage/disadvantage of having the lower income spouse claim the medical expenses in both alternatives.
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Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
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Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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