Public Canadian corporation, OPP Limited

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QUESTION

D. Diesel (DD) gave you the following information for 2021. DD became the vice-president of a public Canadian corporation, OPP Limited, on January 1, 2021. DD is 48 years old, lives in Calgary and travels extensively across Canada. DD negotiates contracts for OPP Limited.

Receipts and Benefits – 2021
Salary – net of payroll deductions              $ 50,340
Director fees         5,000
Receipt of money owed from a former employer   50,000
Travel Allowance (note 1):
                   Accommodations and meals @ $200 per day for 150 days   30,000
                   Car operating cost allowance @ $0.45 per kilometre for 9,000
    kilometres plus $10 per day for 150 days                                   5,550
Income protection receipts received from Regal Assurance (note 2)   15,000

Benefits Paid by OPP Limited:
Registered Pension Plan            $   4,000
Extended health care – Liberty Mutual   2,125
Group Income Protection premiums
   Regal Insurance (note 2)   1,050
Membership fee in Club (golf membership
required by all employees):
     Initiation fees for golf club         1,000
     Annual fee for golf club     2,500
Moving costs (note 3) 12,000
Group Term Life Insurance (coverage is $300,000)      600
Loans from OPP Limited (note 4)             160,000

Payroll deductions and selected disbursements:
Payroll deductions:
  Income taxes withheld           $ 41,001
  Registered pension plan (defined contribution)
                        Current contribution 4,000
  Canada Pension Plan contributions 2,749
  Employment Insurance contributions    860
  Group Income Protection premiums (note 2) 1,050

DD purchased 2,000 shares on July 1, 2021, under a stock
option plan at a price of $25 a share. The shares were trading
for $35 a share on the date of purchase. The shares were
trading for $25 a share when the option was granted.
Legal fees DD paid for the collection of the $50,000 owed
from a former employer.       5,000

Notes:

Note 1
DD’s actual travelling and car expenses were:
     Meals $ 11,250
     Accommodations    23,750
     Other travel costs reimbursed by company      6,000
     Car expenses (9,000 kilometres were for business, a total of 16,000
     kilometres driven):
Gasoline$ 1,700
Maintenance      800
Auto accident costs while on business trip   1,600
  Insurance   1,800
Licence        90
Interest paid on car loan (see note 4)      300
Capital Cost Allowance for car               14,175

Note 2
OPP Limited paid 50% of the premium to Regal Assurance for income protection payments. During 2021, DD received $15,000 in periodic payments in respect of an eight-week illness.

Note 3
Although DD started to work for OPP Limited in January 2021, the family did not move to Calgary from Halifax until February 28, 2021. The company paid all the moving costs.

Note 4
DD obtained two loans from OPP Limited as part of the employment contract:
a) Loan of $150,000, dated July 1, 2021, to acquire a new home in Calgary. The loan bears annual interest of 2% and is repayable over a 25-year period in annual instalments on the anniversary date of July 1. Interest is payable on the same date.
b) Loan of $10,000 dated January 1, 2021, to assist in the acquisition of a car acquired in early January 2021 for $35,000 (excluding the 5% GST; no Provincial Sales Tax (PST) in Alberta) to be used in connection with DD’s duties of employment. The loan bears interest at 3% and is repayable over the next three years in equal annual instalments. Interest is payable on December 31 each year. DD paid the interest for 2021 on December 31, 2021.
The prescribed interest rate is 4% for all quarters.

1) Calculate DD’s net employment income for 2021 (Division B).
2) Provide rationale for any amount(s) excluded from your answer.

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