1.Robert is provided with an automobile that is owned by his employer. The car was acquired by the employer in 2016 for $66,150. During 2018, it was used by Robert for 8 months. His total mileage in 2018 was 53,000 kilometers, of which 22,000 were employment related. Robert paid his employer $0.10 for each personal km driven. Calculate Robert’s minimum taxable benefit for the use of the automobile?
2.Mary is employed by a large public company. In 2017, she was granted options to acquire 1,000 shares of her employer’s common stock at a price of $23 per share. At the time the options were granted, the shares were trading at $20 per share. In May, 2018, when the shares are trading at $45 per share, she exercises her options and acquires 1,000 shares. What is the effect of the exercise of the options on Mary’s 2018 net employment income?
3.During 2018, Marion receives $5,600 in non-eligible dividends and $8,000 in eligible dividends from taxable Canadian corporations. a. Determine the taxable amount of the dividends received and any dividend tax credits she is entitled to. b. What is the total amount that she will include in her net property income?