5. An Ontario resident earned $3,500 in dividends in 2019. His regular income was $125,000 and the Ontario dividend tax credit is 6.7%. Calculate tax rate on dividends. A) 21.01% 25.65% 31.00% 43.36% None of the above Federal Tax Rates Ontario Tax Rates Taxable income Tax Rate Taxable Income Tax Rate $ 0 - 37,178 16.0% $0 - 35,488 7.05% 37,179 - 74,357 24.0% 35,489 - 70,976 9.85 74,358 - 120,887 28.0% 70,977 and over 12.36 120,888 and over 31.0%