Frank Gardener, single and aged 53, lives in Ontario and provided you with the following tax information for 2020:

Employment Income - line 10100	14	$87,780.00
Income Tax Deducted - line 43700	22	$18,931.90
Province of Employment	10	Ontario
Employee's CCP Contributions - lines 30800 and 22215	16	$2,898.00
EI Insurable Earnings	24	$54,200.00
CPP Pensionable Earnings	26	$58,700.00
Employee's EI Premiums - line 31200	18	$856.36
Union Dues - line 21200	44	$1,800.00

Other 2020 financial information summarized from various tax slips, account statements, etc:

Interest earnings- non-registered saving account, $490

Non-registered savings account balance, $19,600

Interest earnings- Tax Free Savings Account, $644

Tax Free Savings Account balance, $23,000

Dividend income- Eligible, $2,880

Share portfolio balance, 53,000

Life insurance premiums, $900

Capital gain from sale of shares in 2020, $1,800

Capital losses from sale of shares in 2020, $3,000

Inheritance received from uncle, $15,000

RRSP contributions, $8,778

RRSP balance, $298,000

You may use this website for the calculation of the tax details if you choose to. Either method you use you will need to show all inputs for each component in parts a through c – https://www.taxtips.ca/calculators/canadian-tax/canadian-taxcalculator.htm

Required:

a) What amount should Frank report as taxable income? Show all workings. 

b) Calculate the tax payable by Frank, make note of eligible credits or use the tax tips website mentioned above. 

c) Calculate and explain Frank’s marginal tax rate on interest, capital gains and dividends. Show all workings.