18. Alex Barrett is 68 years old and his wife of many years, Laura Barrett, is 70 years old. They are both retired and, other than the aches and pains that go with advancing years, they are both in good health. They have no deductions to be used in the determination of Taxable Income and their respective incomes for the 2020 taxation year are as follows: Alex Laura OAS Payments $ 7,400 Canada Pension Plan Receipts $ 7,400 11,000 3,000 RPP Receipts 52,000 Nil Interest 2,000 500 Net Income For Tax Purposes And Taxable Income $10,900 $72,400 The only tax credits that are available to Alex and Laura are the following: basic personal spousal age pension income Required: Determine the savings in federal Tax Payable that would arise if Alex and Laura made maximum use of the pension income splitting provisions. Describe (without calculations) the factors that created the difference in the combined Tax Payable. 10 1