The year is 2005. Stephanie Seymour is currently employed
full time and earns an annual salary of $30,500. It has
been a year since she graduated from university; however,
she continues to take a few part-time courses in the
evenings. Stephanie is currently paying off her student
loan; she makes monthly contributions to her RRSP and
has begun to build an income-generating investment portfolio.
She recently moved away from her parents’ home
and into her own apartment in downtown Toronto, which
allows her to be 40 km closer to work and school. It
should also be noted that Stephanie has made contributions
to a few charities over the year. Stephanie is currently
preparing to file her 2005 personal income taxes and
has gathered the following information: