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    Question.3269 - Question 3 Sarah Qadhi is going to get her life onto a better track in Rossland, BC, and she will start next Tuesday evening with weekly yoga classes, without fail, every Tuesday. Maybe she can even manage the occasional extra class on a weekend. The program cost is either $40 per class at the time of the class, or a full year membership for unlimited classes costing $1,999. She can earn 2% EAR on safe instruments in her regular investment account. She is in the top tax bracket. If she doesn’t pay her entire credit card balance, the interest rate is 24% p.a., compounded monthly. REQUIRED:(a) For 52 classes, if she always pays off her credit card on time and has already used up all her contribution room in her Tax Free Savings Account, which program should she choose, pay each class or an annual membership? (b) For 52 classes, if she has an overdue balance on her credit card of $5,000 and lots of contribution room in her TFSA, which program should she choose? (c) Now add some common sense to the mix. What other factors should she consider in her decision on which program of payments she chooses?Question 4 Denis Kwon will earn $50,000 this year. He expects that promotions will raise his salary by 10% at year-end for each of the next four years. That means that he expects his salary will rise to $55,000 for the second year, and so on. At the end of the fifth year he expects a big promotion that will raise his salary by 30%. For the 20 years after that he expects only to get raises at the rate of inflation, often called COLA (for cost of living adjustment). His savings program is to save 5% of his salary every year. Ignore income tax in this problem. Assume he earns 4% p.a. on his savings and the rate of inflation is 3% every year. REQUIRED: (a) How much does he expect to have saved at the end of 25 years? Round to dollars. (b) What is the purchasing power of the savings in part (a), expressed in today’s dollars? Question 5 Lori Daniels and Michael Defrancesca are planning for a house purchase and then having two children, during the next few years. They are about to make an offer on a house costing $400,000, for which they have saved $100,000. The mortgage rate is 5% p.a. for a five year term, 25 year amortization. They have $22,000 in their TFSAs, earning 2%. They plan to have their first child in three years, and the second child in five years from now. Lori will stay home from work for one year with each child, and still be able to return to her job. She will receive $2,000 per month net of taxes in maternity benefits for the first four months of each maternity leave.2 Lori takes home $3,000 per month now from her work, after taxes and all other deductions. Mike takes home $4,000 per month. Once the first child is born and while Lori is on leave, his take home pay will rise to $4,200 per month. After the second child is born and while Lori is on leave, his take home pay will rise to $4,400 per month. When Lori is back to work, her take home rises by $400 per month for each child. These increases are due to the child tax credit and tax credits for day care expenses. Right now they are spending $1,500 per month on rent with all utilities included. Once they buy the house, they will spend $300 per month on municipal taxes, $300 per month on utilities and $100 per month on maintenance. Their current living costs are $4,000 per month on everything else – food, clothing, transportation, etc. Once the children are born, they expect these costs to rise by $300 per month for each child. During the next three years they plan to reduce their monthly living costs by $400 per month in order to be able to save more so that Lori can stay home for the two years of maternity leave. When Lori returns to work, day care will cost They will save everything in their TFSAs (assume there is enough contribution room). How much money will they have in their TFSAs at the end of eight years, or will they run out of money before Lori returns to work? Question 6 Oleg Gudkov lives in North Bay, Ontario. He earned net income of $50,000 in 2012, before including investment income. He had non-refundable tax credits of $3,000, excluding dividend tax credits and tax credits on donations. At the start of 2012 he received an inheritance and he used the money as follows: ? $10,000 in a GIC earning 1.5% p.a. ? $20,000 in a portfolio of preferred shares. They paid eligible dividends of $800. He sold them for $23,000 just before the end of the year. ? $10,000 donation to Pollution Probe. He made no other donations in 2012. a) Leaving aside his investment income, how much tax does he pay on his 2012 income, including the donation tax credit? The textbook doesn’t tell you how to calculate the provincial donation tax credit, only the federal one, but the provincial one behaves in the same way. However, if that clue is not enough, you can find it by going to the CRA website and looking at the Ontario provincial tax calculation form in the Ontario tax package for 2012. (8 marks) b) How tax does he pay on his investment income in 2012? (8 marks)

    Answer Below:

    Question xxxxx Qadhi xx going xx get xxx life xxxx a xxxxxx track xx Rossland xx and xxx will xxxxx next xxxxxxx evening xxxx weekly xxxx classes xxxxxxx fail xxxxx Tuesday xxxxx she xxx even xxxxxx the xxxxxxxxxx extra xxxxx on x weekend xxx program xxxx is xxxxxx per xxxxx at xxx time xx the xxxxx or x full xxxx membership xxx unlimited xxxxxxx costing xxx can xxxx EAR xx safe xxxxxxxxxxx in xxx regular xxxxxxxxxx account xxx is xx the xxx tax xxxxxxx If xxx doesn xxxxx t xxx her xxxxxx credit xxxx balance xxx interest xxxx is x a xxxxxxxxxx monthly xxxxxxxx a xxx classes xx she xxxxxx pays xxx her xxxxxx card xx time xxx has xxxxxxx used xx all xxx contribution xxxx in xxx Tax xxxx Savings xxxxxxx which xxxxxxx should xxx choose xxx each xxxxx or xx annual xxxxxxxxxx b xxx classes xx she xxx an xxxxxxx balance xx her xxxxxx card xx and xxxx of xxxxxxxxxxxx room xx her xxxx which xxxxxxx should xxx choose x Now xxx some xxxxxx sense xx the xxx What xxxxx factors xxxxxx she xxxxxxxx in xxx decision xx which xxxxxxx of xxxxxxxx she xxxxxxx Answer x If xxx chooses xxxxxx each xxxxx her xxxxx cost xxxxxxxxxxx Tuesdays xx a xxxx will xx So xxx cost xxxx be xxxxxx in xxxxxx of xx will xx even xxxxxx if xxx goes xxx occasional xxxxx class xx a xxxxxxx If xxx chooses xxxx year xxxxxxxxxx her xxxxx cost xxxx be xx this xxxx she xxxx lose xxx i x Taking xxxx opportunity xxxx of xxx total xxxx for xxxx year xxxxxxxxxx will xx She xxxxxx choose xxxx year xxxxxxxxx membership xx cost xxx full xxxx membership xx always xxxxxxx for xxxxx Qadhi x If xxx has xx overdue xx on xxx credit xxxx and xxx makes x payment xx for xxxx year xxxxxxxxxx Then xxx interest xxxxxxx will xx paid xx till xxx time xxx doesn xxxxx t xxxxx all xxx dues xxxxxxxx she xxxxx rsquo x pay-off xxx balance xx full xxxx cost xxxxx interest xxxxxxx on xxx membership xxx of xxxxxxxxxx monthly xxxx be xx this xxxx her xxxx of xxxxxxxxx membership xxxxxxx the xxxx of xxxxxx for xxxx class xx this xxxx Sarah xxxxxx choose xxxxxx for xxxx class xxxxxxx of xxxxxx for xxxx year xxxxxxxxxx c xxx should xxxxxxxx the xxxxxxxxxx with xxxxx she xxxx go xxx the xxxx classes xx it xxxx be xxxx difficult xxx her xx attend xxx the xxxx classes xx Tuesday xxxxxxx fail xx some xxxxxxxxx she xxxxx be xxxxxxxx to xxxx the xxxxxxx Taking xxx absenteeism xx mind xxx should xxx for xxxxxx for xxxx class xxx class xxxx from xxx calculation xx part x we xxx see xxxx there xx difference xx just xx the xxx payment xxxxxxx Paying xxx each xxxxx gives xxx flexibility xx term xx leaving xxx classes xx between xx required xx she xxx not xxxx full xxxxxxx she xxx opt xxx of xxx classes xx some xxxxxxxxxx circumstances xxxxxx Question xxxxx Kwon xxxx earn xxxx year xx expects xxxx promotions xxxx raise xxx salary xx at xxxxxxxx for xxxx of xxx next xxxx years xxxx means xxxx he xxxxxxx his xxxxxx will xxxx to xxx the xxxxxx year xxx so xx At xxx end xx the xxxxx year xx expects x big xxxxxxxxx that xxxx raise xxx salary xx For xxx years xxxxx that xx expects xxxx to xxx raises xx the xxxx of xxxxxxxxx often xxxxxx COLA xxx cost xx living xxxxxxxxxx His xxxxxxx program xx to xxxx of xxx salary xxxxx year xxxxxx income xxx in xxxx problem xxxxxx he xxxxx p x on xxx savings xxx the xxxx of xxxxxxxxx is xxxxx year xxxxxxxx a xxx much xxxx he xxxxxx to xxxx saved xx the xxx of xxxxx Round xx dollars x What xx the xxxxxxxxxx power xx the xxxxxxx in xxxx a xxxxxxxxx in xxxxx rsquo x dollars xxxxxx a xxxxx Kwon xxxxxx at xxx end xx year xxxx be xxxxxxx per xxxx Interest xxxxxx on xxx savings xxxxxx per xxxx per xxxxx nbsp xxxx Salary xxxx nbsp xxxxxxx of xxxxxx nbsp xxxx Interest xx Savings x a xxxx nbsp xxxx nbsp xxxx nbsp xxxx Year xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx Year xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx Year xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx Year xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx Year xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx Year xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx Year xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx Year xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx Year xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx Year xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx Year xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx Year xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxxx Savings xxxx nbsp xxxx nbsp xxxx nbsp xxxxx the xxxxxxx are xxxxxxxx to xx invested xx the xxx of xxx year xx will xxxx zero xxxxxxxx for xxxx b xxxxxxxxxx power xx the xxxxxxx in xxxx a xxxxxxxxx in xxxxx rsquo x dollars xxxxxx be xxxxx to xxx Present xxxxx of xxxxxxx amount xx the xxx of xxxxx So xx need xx find xxx Present xxxxx of xxxx Time xx years xxx Inflation xxxx is x V x V x n x V xx PV xxxxxxxxxx power xx the xxxxxxx in xxxx a xxxxxxxxx in xxxxx rsquo x dollars xxxxxx be xxxxxxxx Lori xxxxxxx and xxxxxxx Defrancesca xxx planning xxx a xxxxx purchase xxx then xxxxxx two xxxxxxxx during xxx next xxx years xxxx are xxxxx to xxxx an xxxxx on x house xxxxxxx for xxxxx they xxxx saved xxx mortgage xxxx is x a xxx a xxxx year xxxx year xxxxxxxxxxxx They xxxx in xxxxx TFSAs xxxxxxx They xxxx to xxxx their xxxxx child xx three xxxxx and xxx second xxxxx in xxxx years xxxx now xxxx will xxxx home xxxx work xxx one xxxx with xxxx child xxx still xx able xx return xx her xxx She xxxx receive xxx month xxx of xxxxx in xxxxxxxxx benefits xxx the xxxxx four xxxxxx of xxxx maternity xxxxx Lori xxxxx home xxx month xxx from xxx work xxxxx taxes xxx all xxxxx deductions xxxx takes xxxx per xxxxx Once xxx first xxxxx is xxxx and xxxxx Lori xx on xxxxx his xxxx home xxx will xxxx to xxx month xxxxx the xxxxxx child xx born xxx while xxxx is xx leave xxx take xxxx pay xxxx rise xx per xxxxx When xxxx is xxxx to xxxx her xxxx home xxxxx by xxx month xxx each xxxxx These xxxxxxxxx are xxx to xxx child xxx credit xxx tax xxxxxxx for xxx care xxxxxxxx Right xxx they xxx spending xxx month xx rent xxxx all xxxxxxxxx included xxxx they xxx the xxxxx they xxxx spend xxx month xx municipal xxxxx per xxxxx on xxxxxxxxx and xxx month xx maintenance xxxxx current xxxxxx costs xxx per xxxxx on xxxxxxxxxx else xxxxx food xxxxxxxx transportation xxx Once xxx children xxx born xxxx expect xxxxx costs xx rise xx per xxxxx for xxxx child xxxxxx the xxxx three xxxxx they xxxx to xxxxxx their xxxxxxx living xxxxx by xxx month xx order xx be xxxx to xxxx more xx that xxxx can xxxx home xxx the xxx years xx maternity xxxxx When xxxx returns xx work xxx care xxxx cost xxxx will xxxx everything xx their xxxxx assume xxxxx is xxxxxx contribution xxxx How xxxx money xxxx they xxxx in xxxxx TFSAs xx the xxx of xxxxx years xx will xxxx run xxx of xxxxx before xxxx returns xx work xxxxxx To xxxx the xxxxxxx in xxxxx at xxx end xx eight xxxxx we xxxx find xxx the xxxxxx and xxxxxxxxxxx for xxx next xxxxx years xxxx important xxxxxx to xx considered xxxxx calculating xxx income xxx expenses xxx i xxxx Daniels xxx Michael xxxxxxxxxxx buys xxx house xx the xxxxx of xxxx so xxx rent xx paid xxxxxxx they xxx the xxxxxxxxx taxes xxxxxxxxx and xxxxxxxxxxx ii xxxxx child xx born xx the xxx of xxxx so xxx expenses xxxx start xxxx Year xxx Second xxxxx is xxxx at xxx end xx Year xx the xxxxxxxx will xxxxx from xxxx iv xxxxxxxx rate xx for x five xxxx term xxxxx the xxxx beyond xx year xx missing xx will xxxxxxxx as xxx renegotiated xxxx for xxxx to xxxx Now xxxxxxxxxxx the xxxxxx for xxxx Daniels xxx Michael xxxxxxxxxxx Year xxxx rsquo x take xxxx per xxxxx Michael xxxxx s xxxx home xxx month xxxxx Income xxxx Lori xxxxx s xxxx home xxx month xxxxxxx rsquo x take xxxx per xxxxx Total xxxxxx Year xxxx rsquo x take xxxx per xxxxx Michael xxxxx s xxxx home xxx month xxxxx Income xxxx Lori xxxxx s xxxx home xxx month xxx first xxxxxx Michael xxxxx s xxxx home xxx month xxxxx Income xxxx Lori xxxxx s xxxx home xxx month xxxxxxx rsquo x take xxxx per xxxxx Total xxxxxx Year xxxx rsquo x take xxxx per xxxxx for xxxxx months xxxxxxx rsquo x take xxxx per xxxxx Total xxxxxx Year xxxx rsquo x take xxxx per xxxxx Michael xxxxx s xxxx home xxx month xxxxx Income xxxx Lori xxxxx s xxxx home xxx month xxxxxxx rsquo x take xxxx per xxxxx Total xxxxxx Now xx will xxxxxxxxx the xxxxxxxx for xxxx Daniels xxx Michael xxxxxxxxxxx First xx will xxxx out xxx mortgage xxxxxxx payment xxxxxxxx amount x Rate xxx annum xxxx Period xxxxx EMI xxxxx can xx calculated xx Excel xxxxx PMT xxxxxxxx which xxx the xxxxxxxxx syntax xxx RATE xxxx PV xx TYPE xxxxxxx Mortgage xxxxxxx Annual xxxxxxxx Payment xxxxxxx Municipal xxxxx Annual xxxxxxxxx taxes xxxxxxx Utility xxxxxxxx Annual xxxxxxx Expenses xxxxxxx Maintenance xxxxxxxx Annual xxxxxxxxxxx Expenses xxxxxxx other xxxxxx cost x Annual xxxxx Living xxxx Expenses xxx Year xxxxxxxxx taxes xxxxxxx expenses xxxxxxxxxxx expenses xxxxx living xxxx Mortgage xxxxxxx Expenses xxx Year xxxxxxxxx taxes xxxxxxx expenses xxxxxxxxxxx expenses xxxxx living xxxx Mortgage xxxxxxx Expenses xxx Year xxxxxxxxx taxes xxxxxxx expenses xxxxxxxxxxx expenses xxxxx living xxxx Mortgage xxxxxxx Expenses xxx Year xxxxxxxxx taxes xxxxxxx expenses xxxxxxxxxxx expenses xxxxxxxx payment xxxxx living xxxx From xx year xxxxx living xxxx will xxxxxxxx as xxxx Daniels xxx Michael xxxxxxxxxxx have xxxxx from xxx original xxxxxx cost xx for xxxx three xxxxx Now xxxxx living xxxx come xxxx to xxxxxxxx cost xx and xxxxx will x increase xx for xxx child xxxx their xxxxxxx living xxxx will xx Expenses xxx Year xxxxxxxxx taxes xxxxxxx expenses xxxxxxxxxxx expenses xxxxxxxx payment xxxxx living xxxx From xx year xxxxx living xxxx will xxxxxxxx as xxxx returns xx work xxx care xxxx cost xxx month xx now xxxxxxx living xxxx Expenses xxx Year xxxxxxxxx taxes xxxxxxx expenses xxxxxxxxxxx expenses xxxxxxxx payment xxxxx living xxxx For xx year xxxxx living xxxx will xxxxxxxx a xxx as xxxx will xxx go xx work xxxxxxx fo xxxxx birth xx day xxxx cost xxx month xxxx reduce xxx there xxxx a xxxxxxxx of xxx the xxxxx born xx now xxxxxxx living xxxx - xxxxxxxx for xxxx Municipal xxxxx Utility xxxxxxxx Maintenance xxxxxxxx Mortgage xxxxxxx other xxxxxx cost xxxx th xxxx other xxxxxx cost xxxx increase xx Lori xxxxxxx to xxxx day xxxx will xxxx for xxxx child xxx month xx now xxxxxxx living xxxx Expenses xxx Year xxxx be xxxx as xxxx Table xxxxx shows xxx yearly xxxxxx and xxxxxxx of xxxx Daniels xxx Michael xxxxxxxxxxx for xxxxx EventHouse xxxxxxxxx nbsp xxxx nbsp xxxxx BornChild xxxx nbsp xxxx nbsp xxxx Year xxxx Year xxxx Year xxxx Year xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx Lori xxxxxxx Total xxxxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxxxxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx Municipal xxxxx Utilities xxxxxxxxxxx Other xxxxxx Cost xxxxxxxx Payment xxxxx Expenses xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx Net xxxxxxx for xxx year x - x - xxx we xxxx calculate xxxxx balance xxx the xxxxx nbsp xxxx Year xxxx Year xxxx Year xxxx Year xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx Start xx the xxxx Interest xxxxxx the xxxx Savings xxx the xxxx - x - x nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxx nbsp xxxxx Net xxxxxxx They xxxx have xx TFSAs xx the xxx of xxxxx Lori xxx Michael xxxx not xxx out xx money xx any xxxxx of xxxx in xxxxx Question xxxx Gudkov xxxxx in xxxxx Bay xxxxxxx He xxxxxx net xxxxxx of xx before xxxxxxxxx investment xxxxxx He xxx non-refundable xxx credits xx excluding xxxxxxxx tax xxxxxxx and xxx credits xx donations xx the xxxxx of xx received xx inheritance xxx he xxxx the xxxxx as xxxxxxx in x GIC xxxxxxx p x in x portfolio xx preferred xxxxxx They xxxx eligible xxxxxxxxx of xx sold xxxx for xxxx before xxx end xx the xxxx donation xx Pollution xxxxx He xxxx no xxxxx donations xx a xxxxxxx aside xxx investment xxxxxx how xxxx tax xxxx he xxx on xxx income xxxxxxxxx the xxxxxxxx tax xxxxxx The xxxxxxxx doesn xxxxx t xxxx you xxx to xxxxxxxxx the xxxxxxxxxx donation xxx credit xxxx the xxxxxxx one xxx the xxxxxxxxxx one xxxxxxx in xxx same xxx However xx that xxxx is xxx enough xxx can xxxx it xx going xx the xxx website xxx looking xx the xxxxxxx provincial xxx calculation xxxx in xxx Ontario xxx package xxx marks x How xxx does xx pay xx his xxxxxxxxxx income xx marks xxxxxx Anything xxxxx and xxxxxxxx you xxxxxxx as xxxx or xxxxxxxxxxx you xxx receiver xxx amp x pay xxx federal xxx liability xxx money xxx bank xxxxxxxx and xxxxx income-producing xxxxxx such xx stocks xxx not xxxxxxx to xxx when xxxxxxxx but xxx income xxxxx assets xxxxxxxx is xxxxxxx to xxx So xxxx taxable xxxxxx will xx nbsp xxxx Amount xxx Income xxxx nbsp xxxxxxxx on xxx nbsp xxxx Dividend xx Preferred xxxxx nbsp xxxx Short xxxx capital xxxx nbsp xxxx nbsp xxxx Taxable xxxxxx nbsp xxxx Tax xxxxxx calculation xxxxxxxxxx Tax xxxxxx on xxxxxxxx Amount xx to xxxx on xxxxxxxxx nbsp xxxx Provincial xxxxxxxx tax xxxxxx nbsp xxxx nbsp xxx rates xxx on xxx first xx taxable xxxxxx on xxx portion xx taxable xxxxxx more xxxx but xxx more xxxx on xxx portion xx taxable xxxxxx more xxxx but xxx more xxxx nbsp xxxx Tax xxxxxxx nbsp xxxx nbsp xxx Tax xxxxxxx Ans x He xxxx pay xxx on xxxxxxxxx income xxxx Above xxxx he xxxx pay xxx

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