Brent Wells is single and lives alone. During 2022 he earned employment income of $140,000. His employer

Question:

Brent Wells is single and lives alone. During 2022 he earned employment income of $140,000. His employer withheld EI ($953) and CPP ($3,500) contributions of $4,453 (including CPP enhanced contributions of $461) and income tax. He has a portfolio of investments that generated eligible dividends from Canadian corporations of $10,000. He donated public company shares worth $1,000 to the Canadian Cancer Society. The adjusted cost base (ACB) of the shares donated was $400. 

Determine Brent’s federal tax payable for 2022.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Canadian Income Taxation 2022/2023

ISBN: 9781260881202

25th Edition

Authors: William Buckwold, Joan Kitunen, Matthew Roman

Question Posted: