#2) (12 Marks) Determine the various federal tax credits the below Taxpayer is entitled to for 2017:

Taxpayer received the following sources of income for 2017:

Bank Interest $3,500

Net Employment Income $68,000

RRSP Withdrawals $5,000 (Taxpayer is 42 years old)

Total Net Income & Taxable Income $ 76,500

Taxpayer had the following amounts withheld from their employment paycheque:

EI $836 CPP $2,564 Income Tax Withheld at Source $11,000 Registered Pension Plan Contributions $3,400 Life Insurance Premiums $400

Total Withholdings from Employment Income $18,200

Taxpayer is divorced and has sole custody of their child (13 years old, in good health, and $1,000 in income).

Taxpayer paid $50 a month for bus passes (Jan - Dec, 2017) totaling $600 for the year.

Taxpayer contributed $1,000 to a Registered Charity during the year. They have made similar contributions in prior years.

Taxpayer contributed $500 to a Registered Federal Political Party in 2017. Taxpayer incurred $2,000 in fees to register their child in hockey.

Taxpayer incurred $5,000 in eligible medical expenses during the year. Their son incurred $500 in additional eligible medical expenses.

REQUIRED:

Compute the federal tax credits the taxpayer is entitled to for 2017. Ensure your answer includes all the required tax forms.

Hint: Start with Schedule 1 and use any related forms required.