None George Black lives in Manitoba, a non-participating province that has an 8 percent provincial sales tax (GST is5%). During the current year, he purchases a new Lexus for $83,000 from a car dealer. He receives a trade inallowance of $35,000 for his old vehicle. Both the trade-in vehicle and the new Lexus are for 100% personaluse.REQUIRED:Determine the net GST/HST charged on his new vehicle. Disregard any single-stage provincial tax.B

GST and HST are the essential tax components in Canada. GST gets levied on the goods and services…

George Black lives in Manitoba, a non-participating 5%). During the current year, he purchases a new Lex allowance of $35,000 for his old vehicle. Both the tra use. REQUIRED: Determine the net GST/HST charged on his new vehi

George Black lives in Manitoba, a non-participating 5%). During the current year, he purchases a new Lex allowance of $35,000 for his old vehicle. Both the tra use. REQUIRED: Determine the net GST/HST charged on his new vehi

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 35P

See similar textbooks

Related questions

Q: Lopez Company reported the following current-year data for its only product. The company uses a…

A: Approach to solving the question: For better clarity of the solution, I have attached the Excel…

Q: Manji

A: The objective of the question is to prepare the investing and financing activities sections of the…

Q: Required 1. Using the information above, complete the calculation of accounting ratios and…

A: Accounting ratios compare the financial data of two or more periods. They are used to analyze the…

Q: A piece of newly purchased industrial equipment costs $980,000 and is classified as seven-year…

A: MACRS is a tax depreciation method.MACRS stands for Modified Accelerated Cost Recovery System. It is…

Q: Golden Food Products produces special-formula pet food. The company carries no inventories. The…

A: Flexible budget is the budget prepared for various levels of activity by classification of…

Q: uilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold…

A: REVENUE & SPENDING VARIANCEIn the case of Sales & Net Operating Income: if Budgeted Sales…

Q: Lopez Company is considering replacing one of its old manufacturing machines. The old machine has a…

A: To compute the income increase or decrease from replacing the old machine with Machine A, we'll…

Q: The 2021 Income statement for Egyptian Noise Blasters shows that depreciation expense is $80…

A: Free cash flow is computed as follows:-1.Free cash flow =2.Net Income = EBIT -interest - Taxes

Q: None

A: To solve this problem, we need to use the reciprocal method to allocate the costs from the…

Q: 31 The following information relates to the defined benefit pension plan of Wendy Corporation for…

A: The objective of the question is to calculate the net pension asset or liability for Wendy…

Q: What affect would closing an OVERAPPLIED Manufacturing Overhead account to Cost of Goods Sold have…

A: The objective of the question is to understand the impact of closing an overapplied Manufacturing…

Q: Bonita Corporation issued $564,000 of 7% bonds on May 1, 2025. The bonds were dated January 1, 2025,…

A: Bonds:The bond is the financial instrument that is used by the company to get the loan amount so…

Q: Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending…

A: The cost of goods sold refers to the direct costs incurred to produce the goods. The cost of goods…

Q: All of the following are examples of facts that may create temporary book-tax differences except…

A: The objective of the question is to identify which of the given options does not create a temporary…

Q: Saratoga Company manufactures jobs to customer specifications. The company is conducting a…

A: To address your questions, let's calculate the required information step by step.Revised activity…

Q: None

A: Explanations:Direct Labor Efficiency Variance: This variance is unfavorable ($2,800 U) because it…

Q: Nomad Industries is the world's leading express-distribution company. In addition to its 643…

A: The sale of assets is a transaction that includes proceeds of cash and a decrease of assets from the…

Q: Required information es [The following information applies to the questions displayed below.] The…

A: Step 1: Step 2: Step 3: Step 4:

Q: Westmont Corporation uses a comprehensive budgeting system for planning and control purposes. While…

A: The variances are calculated as follows:Supplies: The variance is favorable because the actual cost…

Q: None

A: Step 1: Calculate the total sales per month by multiplying the number of units sold and dollar rate…

Q: A company just starting business had the following transactions in June: June Purchase 1 Sale June 5…

A: The objective of the question is to calculate the Cost of Goods Sold (COGS) using the First-In,…

Q: None

A: To calculate the net cash provided (used) by operating activities using the indirect method, we…

Q: None

Q: The account that records expenses, gains and losses is A. Personal account B. Real account C.…

A: The objective of the question is to identify the type of account that is used to record expenses,…

Q: Determine the machine's second-year depreciation and year end book value under the straight-line…

A: Here's how to determine the second-year depreciation and year-end book value under the straight-line…

Q: On December 31, 2021, the statement of financial position of FRUITS Company showed the following…

A: A company's book value is the total of all the line items in the shareholders' equity portion of its…

Q: Bonita Company's record of transactions for the month of April was as follows. Purchases Sales April…

A: The objective of this question is to calculate the ending inventory of Bonita Company for the month…

Q: None

A: Approach to solving the question: In the solution below, I have used the exact same format as…

Q: Calculate the actual return on the plan assets in 2023. (Enter answers in thousands of dollars.)

A: A pension is a fund that receives contributions from an employee while they are still working and…

Q: None

A: Part 2: Explanation:Step 1: Determine the cost of the Power-Feed Drain Cleaner:The cost of the…

Q: ! Required information [The following information applies to the questions displayed below.] Textra…

A: The overhead allocation is a method of allocating indirect costs to the goods produced. It can be…

Q: All of the following are examples of situations that may create temporary book-tax differences…

A: The objective of the question is to identify which of the given situations does not create a…

Q: Sales-related transactions After the amount due on a sale of $28,200, terms n/eom, is received from…

A: Step 1:Answer a.The total amount due on a sale was $28,200 which the customer has already paid.…

Q: None

A: Step 1: 1) Total Cost of materials purchases for October = Actual Purchase price x Actual Quantity…

Q: The following information is departmental cost allocation with two service departments and two…

A: Under direct method of service department cost allocation, cost of service department is allocated…

Q: On January 1, 2025, Splish Company contracts to lease equipment for 5 years, agreeing to make a…

A: Steps:- PV=Pmt×(1−(1+r)∧−n/r)×(1+r) Where:PV is the present value of the annuity due,Pmt is the…

Q: None

A: Example:Suppose you determine that:Activity A takes 2 days and has no predecessor (it can start…

Q: On January 1, 2024, Tennessee Harvester Corporation issued debenture bonds that pay interest…

A: The given data in the question can be summarised as follows:The required values can be calculated…

Q: pick the support of the product manager and president. Also provide the reasons from the dropdown

A: Understanding the Scenario:We are presented with information from two panels - Panel A and Panel B.…

Q: Four independent situations are described below. Each involves future deductible amounts and/or…

A: The temporary difference between the amount of income calculated in accordance with tax laws and…

Q: novaks companys current income taxes payable related to its taxable income for 2025 is 465,000 in…

A: The objective of the question is to calculate Novak's company's income tax expense for the year…

Q: Taylor, a single taxpayer, has $17,400 AGI. Assume the taxable year is 2023. Use Standard Deduction…

A: Required A:Since Taylor is a dependent taxpayer, he cannot claim the standard deduction for himself.…

Q: Greene Co. has book income of $425,000, and a tax rate of 30%. Assuming there are no book-tax…

A: Determine the book income: $425,000Determine the tax rate: 30% Calculate the income tax…

Q: Domestic

A: To calculate the child and dependent care credit that Julie can claim in the given scenario, we need…

Q: Farell is a member of Sierra Vista LLC. Although Sierra Vista is involved in a number of different…

A: Partnership:The partnership refers to the arrangement when more than two individuals come together…

Q: 1. The business was started when the company received $49,000 from the issue of common stock. 2.…

A: Financial Statements include Income Statement, Statement of Stockholder's Equity, Balance Sheet and…

Q: None

A: A tax credit is available for qualified educational expenses paid during the first four years of…

Q: son Company acquired a building with a loan that requires payments of $28,000 every six months for 3…

A: Present Value Refers To The Current Value Of The Future Amount Of Income At A Future Date.Present…

Q: Alpesh

A: Shadee Corporation Needs to Purchase Adjustable Poles for Sun ShadesShadee Corporation manufactures…

Q: You are looking at buying your first car. Based on your budget you can afford up to $400 per month…

A: Monthly Payment (PMT):PMT = PV * (I/Y) / (1 - (1 + I/Y)^(-N))where,PV is the present value of the…

Question

None

George Black lives in Manitoba, a non-participating province that has an 8 percent provincial sales tax (GST is
5%). During the current year, he purchases a new Lexus for $83,000 from a car dealer. He receives a trade in
allowance of $35,000 for his old vehicle. Both the trade-in vehicle and the new Lexus are for 100% personal
use.
REQUIRED:
Determine the net GST/HST charged on his new vehicle. Disregard any single-stage provincial tax.
B

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction to GST/HST:

VIEW

Step 2: Determining the GST/HST on the new vehicle:

VIEW

Solution

VIEW

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Sami Terry works as an Electrician for Siemens International in Toronto, Ontario. He earns $1500.00 on a bi-weekly basis. Sami’s Federal and provincial code for TD1 is 2(Hint: you can use 2021 tax deduction table or any other year if you prefer or PDOC). He has a taxable cash benefit of $30.00 and a non-taxable benefit of life insurance each pay period of $45.00 each pay period. He is also contributed $60.00 RPP each pay period.
Sami Terry is working as an Electrician for Siemens International in Toronto, Ontario. He earns $1500.00 on a bi-weekly basis. Sami’s Federal and provincial code for TD1 is 2(Hint: you can use 2021 tax deduction table or any other year if you prefer or PDOC). He has a cash taxable benefit of $30.00 and a non-taxable benefit of life insurance each pay period of $45.00 each pay period. He is also contributed $60.00 RPP each pay period. Required: Calculate Sami Terry’s Net Pay Check the following points if there are applicable only. Step One: Determine Gross Earnings Step Two: Determine Non-Cash Taxable Benefits Step Three: Determine CPP contributions (Use 5.45%) Step Four: Determine EI premium (Use 1.58%) Step Five: Determine QPIP premium Step Six: Determine federal & provincial tax Step Seven: Determine Northwest Territories/Nunavut (NT/NU) Payroll Tax Step Eight: Total Deductions Step Nine: Net Pay? Please Help me...
Random Company requires their employees to travel for work using their own vehicles. The Company pays their employees a $0.75 per kilometer mileage rate allowance for the use of employee-owned cars. Ronny Ronald drove 7481 km this year and was provided an allowance at the company rate of $0.75 per kilometer. Ronny and the company are in Ontario. The non-deductible portion of the allowance provided to Ronny is
State whether each of the following payments is a tax. Explain your answers. To incorporate his business, Alex pays the state of Texas a $2,000 incorpora tion fee. The city paves a road and assesses each property owner on the road $4,000 for his or her share of the cost. The city of Asheville charges each residence in the city $10 per month to pick up the trash. Rory pays $450 of income tax to the state of California. Lanny is fined $45 for exceeding the speed limit.
Eagle Life Insurance Company pays its employees 0.30 per mile for driving their personal automobiles to and from work. The company reimburses each employee who rides the bus 100 a month for the cost of a pass. Tom collected 100 for his automobile mileage, and Mason received 100 as reimbursement for the cost of a bus pass. a. What are the effects of the above on Toms and Masons gross income? b. Assume that Tom and Mason are in the 24% marginal tax bracket and the actual before-tax cost for Tom to drive to and from work is 0.30 per mile. What are Toms and Masons after-tax costs of commuting to and from work?
Rhonda has her own law practice in London, Ontario. During 2020 she paid $3000 to attend four conventions. Each convention cost a quarter of the total spent. All four conventions were hosted in London and related to her business. What is her maximum deductible convention expense for the year? Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response. Your Answer:
Sarah is a cash-method, calendar-year taxpayer, and she is considering making the following cash payments related to her business. Calculate the after-tax cost of each payment assuming she is subject to a 37 percent marginal tax rate. (Do not round intermediate calculation.) c. $2,400 for football tickets to entertain out-of-town clients during contract negotiations.
In May 2023, Victor purchased a new, qualified plug-in electric vehicle (EV). The purchase meets both critical mineral and battery component requirements to qualify for the New Clean Vehicle Credit. Victor is a single taxpayer, and his modified adjusted gross income (MAGI) is $67,500. He determines he owes $3,500 in income tax for 2023. What is the amount of the New Clean Vehicle Credit Victor can claim on his Federal tax return?
The car is leased for $750month (including 13 HST and excluding insurance) and was made available to him for 10 months PDF pays all of the operating costs ($3,500) and was reimbused by Larry receiving 12 cents for every personal KM he drove Larry drove 30,000 kilometres in 2019 of which 20,000 were for business What is the minimum taxable benefit that Larry must include on his 2019 personal tax return
You travel for work and your employer gives you a car that you can use for both business and personal purposes. Your employer purchased the car two years ago for $45,200, including $5,200 HST. If you do not need the car for work, you are asked to return the car and car keys to your employer. In 2020, you drove at total of 37,000 kilometers. Your employer has deducted the maximum capital cost allowance (income tax’s method of depreciation) and paid for all of the car’s operating expenses. In 2020, the operating expenses alone totaled $15,780. Required: Calculate the taxable benefit your employer will include on your 2020 T4 slip in the each of the following separate cases: Case 1 — You had the car for 9 months and drove 6,000 kilometers for personal use. Case 2 — You had the car for 11 months and drove 28,000 kilometers for personal use. Case 3 – You had the car for 7 months and drove 18,600 kilometers for work.
Barbara purchased a new Honda Clarity electric vehicle in 2019 for $36,000. Her federal tax credit will be:a. $0b. $2,500c. $5,000d. $7,500e. $10,000
Sarah is a cash-method, calendar-year taxpayer, and she is considering making the following cash payments related to her business. Calculate the after-tax cost of each payment assuming she has a 37 percent marginal tax rate. $2,000 payment for next year’s property taxes on her place of business. $800 to reimburse the cost of meals at restaurants incurred by employees while traveling for the business. $1,200 for football tickets to entertain out-of-town clients during contract negotiations. $500 contribution to the mayor’s reelection campaign.