Item Amount In the previous year , Jaffa received a large family mity inties Intance , which she invested into a rental Dividends from public…

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ItemAmountIn the previous year , Jaffa received a large familymity intiesIntance , which she invested into a rentalDividends from public Canadian corporations ( subject to high corporate $22, 000property . The property was purchased in the prio“` prior year for $4 40, 000 1 5120 , 000 of this value*plates to the land , the remainder to the building ) and has been rented continuously for the*tax rates ) :`entire previous and current taxation years _ Jatta claimed the maximum amount of capital costDividends from private Canadian corporations ( subject to low corporate3:3, 500allowance ( CCA] On the property in the previous yeprevious year and would like to claim the maximum*COA deduction on the rental income this year . The rental income and expense information fortax rates ) .The current year is as follows :Interest income received from Canadian sources :”18, 500ItemAmountDividends from foreign corporations ( translated into Canadian dollars ) :12. 300Plantal income :$3,000 per monthProperty tax !Note : Total foreign dividends earned was $13, 750 less foreign tax withheld of5, 500 for the year$1, 450.Property insurance :”130 per monthProperty management fees :170 per monthJaffa’s portfolio of investments includes a five – year investment contract purchasedUtilities :`three years ago on September 1 . The investment contract has a maturity value of510 per month$155, 000 and an annual interest rate of 3% 6 . The total interest earned on the*Plepair of a leaky faucet and water damage*1,000investment contract will be paid on maturity on September 1 , two years from now .”Jaffa did not receive any interest ( cash ) from this investment contract in the currentTo assist with filling her tax return , Jaffa provides you with detailed records from her bank . Thedocuments indicate that Jaffa has borrowed the following amounts from her bank :year .`Jaffa’s portfolio of investments is managed by a large Canadian brokerage firm*$2 20, 000 mortgage on the rental property with principal repayments totalling $13, 000called XYZ Investments Inc . ( XYZ). XY < charges Jaffe investment counsel fees ofand Interest payments of $8 . 000 for the current year .$5, 350 during the current year .*$.370, 000 mortgage on Or. Lee’s personal home with principal repayments totalling*$15, 5,00 and interest payments of $8, 500 for the current year .*$140, 000 loan used to purchase mutual funds with XYZ Investments Inc . Jaffa paidinterest of 55, 000 on this Loan during the year$45, 000 loan used to purchase Jatta’s personal use vehicle . Jatta paid interest of$2, 400 on this loan during the year .*Or . Jaffa Lee has engaged your professional services to file her income tax return . Or. Lee is a retired surgeon . Due to her failing eyesightJatta was required to retire from her occupation at a younger age than normal . Fortunately , Jatta has more than enough income to supportherself as a result of years of receiving a very large salary as a surgeon and a family inheritance . Jaffa has invested most of her pastemployment earnings into a large portfolio , which paid the following amounts during the current year .*( Click on the icon to view more information . )( Click on the icon to view more information part 2 . )RequirementsRequirement ( 1 ) . Compute Dr. Lee’s net property income for the current year .*minus Sign . )Fill in the table below to compute the net property income . ( Round your answers to nearest cent . Enter deductions with parentheses or aProperty IncomeEligible dividendsneligible dividendsInterest income*Foreign dividends*Net rental income*Carrying ChargesNet property income*

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