$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket?
Book Your Assignment at The Lowest Price
Now!
Students Who Viewed This Also Studied
ACCT 621 Accounting for Managers
Task
Diana Homes is a management consultant by profession, and she works as a freelance consultant for 3 prominent corporations in British Columbia.
Following are some personal details of Diana Homes
- Full Name – Diana Jones Homes
- Date of birth – January 14th, 1988
- Status in Canada – Canadian Citizen
Diana is married to David and the Homes family has one child; marie who is currently 3 months old. (In this assessment your focus will be on Diana and her annual income). For the year 2021, Diana recorded a total income of $132,000 and qualifies for both the federal and provincial tax credits (the federal basic personal amount $13,808 applied at a 15% tax rate, the provincial basic personal amount $11,070 applied at a 5.06% tax rate). Furthermore, Diana donated $15,000 to a church located in Burnaby, BC.( Diana plans to claim all donations to reduce her effective tax rate)
Diana banks with the Royal Bank of Canada (RBC), in which she maintains a chequing and a savings account. On the day of filing tax Diana’s bank details were as follows;
Chequing account balance – $ 6,500 Savings account balance – $ 82,000
The marginal tax rate for each tax bracket is as follows.
|
2021 Taxable Income |
2021 Combined Marginal Tax Rate |
|
$0 to $42,184 |
20.06% |
|
$42,184 to $49,020 |
22.70% |
|
$49,020 to $84,369 |
28.20% |
|
$84,369 to $96,866 |
31.00% |
|
$96,866 to $98,040 |
32.79% |
|
$98,040 to $117,623 |
38.29% |
|
$117,623 to $151,978 |
40.70% |
|
$151,978 to $159,483 |
44.02% |
|
$159,483 to $216,511 |
46.12% |
|
$216,511 to 222,420 |
49.80% |
|
$222,420 + |
53.50% |
Source – taxtips.ca
Furthermore, Diana uses a visa credit card from RBC and her average spending per month amounts to $2000. Diana currently lives on rent, and she plans to purchase her first apartment in the year 2028. Considering her forecasted income, she plans to purchase an apartment within a price range of $500,000 – $600,000 from the lower mainland.
Diana is currently looking for options to grow her funds as well as defer her tax through low-risk investment options. (She expects her income to grow every year). Hence, she is looking for your advice. Now, Diana is considering two options for her former objective
- Registered Retired Savings Plan (RRSP)
- Tax-Free Savings Accounts (TFSA)
Diana has an RRSP contribution limit of $12,200 and a TFSA contribution limit of $10,600 for 2021.
Assume you are a financial consultant and you have received all the above information regarding Diana, and she wishes to clarify the following from you. An extract from her email to you is as follows;
“To – Financial Consultant From – Diana Homes
Dear Financial Consultant,
Considering my financial situation and future plans, can you please compile a report which addresses the following;
1. The amount of tax I will pay to the CRA (without any contributions to RRSP or TFSA). Please ignore my husband’s income since I wish to know the amount I will pay to the
CRA individually. For knowledge purposes, please show me workings for each step of the former calculation.
2. I am planning to invest $10,000 in an RRSP with a rate of return of 3% per annum which would mature in 5 years’ time (Guaranteed Investment Certificate). If I go ahead with this
-
- Calculate the revised tax payable ( for me individually) to the CRA along with the former contribution to the
- Advise/Recommend me, when my investment grows, how will this defer my tax while in the RRSP?
- Considering my annual income and my current financial status, is it a good move to purchase my first house? If so, how do you think I should invest in the former? justify your arguments as to why you think it is both feasible and beneficial for me.
- Advise/Recommend me of the implications if I access funds in the RRSP to buy my first ( what government benefits can I get, please quantify your alternatives with suitable justifications)
3. I am also interested in a TFSA; can you please advise me on the following;
-
- How does a TFSA differ from an RRSP?
- Recommend me as to how does the TFSA fit into my portfolio? What should I invest in?
- Recommend me, how much should I invest in a single TFSA investment? considering my financial situation.
ACCT 621 Accounting for Managers
Answer in Detail
Solved by qualified expert
Get Access to This Answer
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.
Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.
Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.
Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.
26 More Pages to Come in This Document. Get access to the complete answer.
MyAssignmenthelp.com has been helping students of USA for over a decade now. We have dedicated teams of experts who provide assignment help to students in New York City, Boston, Chicago, etc. Owing to their extensive knowledge and years of experience in academic writing, they successfully cater to searches can someone do my assignment in USA or can experts write my assignments.
More ACCT621 ACCT 621 Accounting for Managers : Questions & Answers
Total Comprehensive Income
1. Focus your attention on the Statement of Profit and Loss and Other Comprehensive Income. Compare the Profit or Loss of the Year with the Total Comprehensive Income in FY 2017-18 and the Profit or Loss of the Year with the Total Comprehensive Income FY 2016-17. Discuss the nature of the difference …
View Answer
HI5020 Corporate Accounting
Assessment task:
Part A
Review the existing literature to critically examine the relative information content of the income statement and the statement of cash flows. Why do investors find both income statement and statement of cash flows useful?
Part B
Download the annual financial reports of B …
View Answer
Business Finance
Question 1 [7 marks] a) You were told by the management of XYZ Limited that the company’s goals are to maximise the company’s assets. Is this consistent with maximising shareholder wealth? (3 marks) b) What is the difference between a compounding period interest rate and a nominal intere …
View Answer
FINC 460 International Finance
Questions:
Q1 – Each of your group has chosen an MNC (3M) to cover this term. After researching where 3M does business including its performance & outcome, share which 2-4 countries or regions are the most important to the business. If possible, share percentages of revenue/profit sizes a …
View Answer
Content Removal Request
If you are the original writer of this content and no longer wish to have your work published on Myassignmenthelp.com then please raise the
content removal request.
Choose Our Best Expert to Help You
Still in Two Minds? The Proof is in Numbers!
38983 Genuine Reviews With a Rating of 4.9/5.
Supply Chain
Programming: 3 Pages, Deadline:
9 days
Outstanding work. I will work with you again and again soon. I really appreciate your help; thank you so much.
User ID: 8***71 Riyadh, Saudi Arabia
Property Law
Course Work: 1 Page, Deadline:
20 days
all work is done very well, i think i will ask more help from you in future. Thanks
User ID: 8***63 Riyadh, Australia
Management
Assignment: 12 Pages, Deadline:
10 days
Credit to the expert who did a great job with this assignment! Covered most of the requirements! Thank you!
User ID: 3***95 Riyadh, Singapore
Business Law
Home Work: 4 Pages, Deadline:
9 days
Solution was provided in a timely manner. Expert managed to meet my expectation. Have yet to receive my result yet
User ID: 8***16 Riyadh, Singapore
Statistics
Programming: 4 Pages, Deadline:
4 days
This company has taken their work seriously and did a great job in producing a top quality assignment. highly recommended.
User ID: 7***37 Riyadh, Singapore
Assignment
Essay: 5 Pages, Deadline:
3 days
The writer did an awesome job with my assignment. This is my third time with them and they have kept to their quality of work.
User ID: 7***37 Riyadh, Singapore
Management
Assignment: 12 Pages, Deadline:
19 days
I am very happy to get my 100% Grade in my assessment. I wish say thank you so much.
User ID: 4***18 Riyadh, Australia
Project Management
Assignment: 4 Pages, Deadline:
9 days
Well written with sheer creativity. Always on time. Well done. I surely will recommend.
User ID: 1***16 Bella Vista, Australia
Healthcare
Essay: 2 Pages, Deadline:
15 days
Nice work! Thanks for the revision. It meets the requirement now. I am very satisfied with the work.
User ID: 7***67 Bella Vista, United States
Marketing
Home Work: 1 Page, Deadline:
23 days
Good job. Will use expert again. Thank you for your help and time that I needed on this assignment.
User ID: 5***56 San Francisco, United States
Accounting
Essay: 2 Pages, Deadline:
8 days
Received a 90/90 on my assignment, thank you to the professionals for completing this in a timely manner.
User ID: 8***75 San Francisco, United States
Assignment
Home Work: 1 Page, Deadline:
5 days
This service is an exquisite one. Answers came out early, accurate work was done and all
User ID: 8***17 Accra, Ghana
Assignment
Home Work: 1.2 Pages, Deadline:
7 hours
So far the papers were before time. The is not graded yet but overall i like the personal opinion. I did do little amend. I like the paper.
User ID: 7***0 Castro Valley, United States
Assignment
Home Work: 1.2 Pages, Deadline:
7 hours
So far there was 2 places where it was note quotes correctly with critiques, but i fixed it. overall the paper was very good
User ID: 7***0 Castro Valley, United States
Psychology
Essay: 2 Pages, Deadline:
1 day
Great job on working on this paper that allowed me to get a good mark. Would recommend this service
User ID: 6***81 Castro Valley, Canada
Nursing
Essay: 5 Pages, Deadline:
26 days
I am satisfied with the assignment. Prof. commented excellent job and i got good grades. Thank you.
User ID: 7***90 Castro Valley, Canada
Civil Law
Assignment: 10 Pages, Deadline:
15 days
My marks 15/20 thank you very much. and well done! My lecturer is veteran person he loves long essay 
User ID: 1***1 Bintulu, Malaysia
Business Law
Home Work: 12 Pages, Deadline:
7 days
OMG my marks 18/20 luckily im so worry at first but at the end it’s coming out nicely, thank you very much and well done!
User ID: 1***1 Bintulu, Malaysia
Business Law
Assignment: 18 Pages, Deadline:
8 days
OMG just received marks today 28/30 thank you so much the way writing follow as what i need, well done!
User ID: 1***1 Bintulu, Malaysia
Management
Essay: 15 Pages, Deadline:
10 days
All learning outcomes achieved.Fair discussion of PESTLE/SWOT/Porter forces. But can evaluate by prioritizing the factors in the order of its impact a …
User ID: 6***76 Bintulu, Hong Kong
Supply Chain
Programming: 3 Pages, Deadline:
9 days
Outstanding work. I will work with you again and again soon. I really appreciate your help; thank you so much.
User ID: 8***71 Riyadh, Saudi Arabia
Property Law
Course Work: 1 Page, Deadline:
20 days
all work is done very well, i think i will ask more help from you in future. Thanks
User ID: 8***63 Riyadh, Australia
Management
Assignment: 12 Pages, Deadline:
10 days
Credit to the expert who did a great job with this assignment! Covered most of the requirements! Thank you!
User ID: 3***95 Riyadh, Singapore
Business Law
Home Work: 4 Pages, Deadline:
9 days
Solution was provided in a timely manner. Expert managed to meet my expectation. Have yet to receive my result yet
User ID: 8***16 Riyadh, Singapore
Statistics
Programming: 4 Pages, Deadline:
4 days
This company has taken their work seriously and did a great job in producing a top quality assignment. highly recommended.
User ID: 7***37 Riyadh, Singapore
Assignment
Essay: 5 Pages, Deadline:
3 days
The writer did an awesome job with my assignment. This is my third time with them and they have kept to their quality of work.
User ID: 7***37 Riyadh, Singapore
Management
Assignment: 12 Pages, Deadline:
19 days
I am very happy to get my 100% Grade in my assessment. I wish say thank you so much.
User ID: 4***18 Riyadh, Australia
Project Management
Assignment: 4 Pages, Deadline:
9 days
Well written with sheer creativity. Always on time. Well done. I surely will recommend.
User ID: 1***16 Bella Vista, Australia
Healthcare
Essay: 2 Pages, Deadline:
15 days
Nice work! Thanks for the revision. It meets the requirement now. I am very satisfied with the work.
User ID: 7***67 Bella Vista, United States
Marketing
Home Work: 1 Page, Deadline:
23 days
Good job. Will use expert again. Thank you for your help and time that I needed on this assignment.
User ID: 5***56 San Francisco, United States
Accounting
Essay: 2 Pages, Deadline:
8 days
Received a 90/90 on my assignment, thank you to the professionals for completing this in a timely manner.
User ID: 8***75 San Francisco, United States
Assignment
Home Work: 1 Page, Deadline:
5 days
This service is an exquisite one. Answers came out early, accurate work was done and all
User ID: 8***17 Accra, Ghana
Assignment
Home Work: 1.2 Pages, Deadline:
7 hours
So far the papers were before time. The is not graded yet but overall i like the personal opinion. I did do little amend. I like the paper.
User ID: 7***0 Castro Valley, United States
Assignment
Home Work: 1.2 Pages, Deadline:
7 hours
So far there was 2 places where it was note quotes correctly with critiques, but i fixed it. overall the paper was very good
User ID: 7***0 Castro Valley, United States
Psychology
Essay: 2 Pages, Deadline:
1 day
Great job on working on this paper that allowed me to get a good mark. Would recommend this service
User ID: 6***81 Castro Valley, Canada
Nursing
Essay: 5 Pages, Deadline:
26 days
I am satisfied with the assignment. Prof. commented excellent job and i got good grades. Thank you.
User ID: 7***90 Castro Valley, Canada
Civil Law
Assignment: 10 Pages, Deadline:
15 days
My marks 15/20 thank you very much. and well done! My lecturer is veteran person he loves long essay
User ID: 1***1 Bintulu, Malaysia
Business Law
Home Work: 12 Pages, Deadline:
7 days
OMG my marks 18/20 luckily im so worry at first but at the end it’s coming out nicely, thank you very much and well done!
User ID: 1***1 Bintulu, Malaysia
Business Law
Assignment: 18 Pages, Deadline:
8 days
OMG just received marks today 28/30 thank you so much the way writing follow as what i need, well done!
User ID: 1***1 Bintulu, Malaysia
Management
Essay: 15 Pages, Deadline:
10 days
All learning outcomes achieved.Fair discussion of PESTLE/SWOT/Porter forces. But can evaluate by prioritizing the factors in the order of its impact a …
User ID: 6***76 Bintulu, Hong Kong
