Jerald Gilreath is an employee of a Canadian publicly

traded company. He works in their Calgary office and lives

downtown in a high rise condo.

Jerald Gilreath is an employee of a Canadian publicly traded company. He works in their

Calgary office and lives downtown in a high rise condo. In addition to his 2017 base salary of
$175,000, he earns commissions of $21,460.Other employment related info is as
follows:Jerald’s employer requi
GET THE ANSWER>> https://solutionlly.com/downloads/jerald-gilreath-is-an-employee-of-a-ca
nadian-publicly-traded-company-he-works-in-their-calgary-office-and-lives-downtown-in-a-high-
rise-condo

Jerald Gilreath is an employee of a Canadian publicly traded company. He works in their

Calgary office and lives downtown in a high rise condo. In addition to his 2017 base salary of
$175,000, he earns commissions of $21,460.Other employment related info is as
follows:Jerald’s employer requires him to pay all his employment related expenses, as well as
provide his own office space. Jerald has the required Form T220 from his employer.Jerald’s
travel costs for 2017, largely airline tickets, food, and lodging, total $26,900. This includes
$11,300 spent on meals while traveling for his employer. This meal total includes meals with
clients of $4,300.Jerald is a member of his employer’s registered pension plan. During 2017,
$4,100 was withheld from his salary as a contribution to his plan. His employer made a
matching contribution of $4,100.During 2017, Jerald pays dues to his professional association
of $422.During 2017, Jerald was billed a total of $10,500 by his golf club in Calgary. Of this
amount $2,850 was the annual membership fee, with the remaining amount for meals and
drinks with clients. He uses the club only when he is with clients.For his employment related
travel, Jerald drives a car he purchased on January 1, 2017 for $42,000, including GST. During
2017, he drives 52,000 kilometers, of which 43,000 are employment related. Jerald had
financed the car with a loan from the bank and during 2017 he had paid interest of $2,750.The
cost of operating the car during 2017 were $10,920. He has been advised by his accountant
that, if the car were used 100 percent for employment related activities, the maximum CCA for
2017 would be $4,500.7. Jerald uses 25 percent of his personal residence as an office. During
2017, the cost associated with his home were as follow:Interest payments on mortgage
$9100Property taxes 3750Utilities 1925Insurance 1060Furnace, Wiring and Foundation Repairs
4200Total $200358. At the beginning of 2017 Jerald’s employer grants him options to buy 500
of the Company’s shares at a price of $17.50 per share . This was the market price of the
shares at the time the options were granted. During July 2017 when the shares are trading at
$19.75 per share, he exercises all of these options. In order to buy Christmas gifts for his family,
he sells 100 of these shares in early December, 2017. The proceeds are $20.50 per share.9.
His employer has a policy of giving all employees gifts to promote employee loyalty and help
local business. During 2017 Jerald received the following gifts:-A weekend for him and his wife
at a local hotel. The value of the girt was $425-A $400 gift certificate at a local

1/2
 electronics/hardware storeA basket of fruit, nuts, and cheese with a value of $22510. During
2017, Jerald purchased tickets to Calgary Flames games for $1920. He used these tickets to
attend games with key personnel from important clients. He also purchased tickets to a
Montreal Canadians game in Montreal or $864. He used these tickets to attend the game with
his prospective client located in Montreal.Calculate Jerald’s minimum net employment income
for 2017 taxation year. Ignore GST and PST considerations.

GET THE ANSWER>> https://solutionlly.com/downloads/jerald-gilreath-is-an-employee-of-a-ca

nadian-publicly-traded-company-he-works-in-their-calgary-office-and-lives-downtown-in-a-high-
rise-condo

2/2
Powered by TCPDF (www.tcpdf.org)