Andrii has still not filed his 2021 personal income tax returns even though he knows that he will have a penalty and interest on the amount owing. He has been procrastinating as he knows that he has a large capital gain that will trigger a lot of taxes to pay. Two years ago, Andrii purchased 9,550 shares in Crazy Inc. for $6,000. He decided to sell 5,000 shares on July 1, 2021, when they hit $7/share. He also had a capital loss of $1,400 on some mutual funds that he sold in November 2021. See Table A to help you calculate Andrii's taxes on the sale of the investments, knowing that he is in the highest marginal tax bracket. Ignore penalty and interest for this calculation. a) $8,439.37 b) $7,242.86 c) $7,485.71 d) $8,118.75 e) $6,195.67 Combined Federal & Quebec Tax Brackets and Tax Rates QC 2021 Marginal Tax Rates 2021 Taxable Income 27.53% 13.76% 4.53% first $45,105 over $45,105 up to $49,020 32.53% 10.26% 11.43% over $49,020 up to $90,200 37.12% 18.56% 17.77% over $90,200 up to $98,040 41.12% 20.56% 23.29% over $98,040 up to $109,755 45.71% 22.86% 29.62 % over $109,755 up to $151,978 47.46% 23% 32.04% over $151,978 up to $216,511 50.23% 25.12 % 35.86% over $216,511 53.31% 26.65% 40.10% Marginal tax rate for dividends is a % of actual dividends received (not grossed-up taxable amount). Marginal tax rate for capital gains is a % of total capital gains (not taxable capital gains). Gross-up rate for eligible dividends is 38%, and for non-eligible dividends is 15%. For more information see Quebec dividend tax credits. Canadian Dividends Other Capital Income Gains Eligible Non-Eligible 2022 Taxable Income first $46,295 18.37% 24.12% over $46,295 up to $50,197 29.40% over $50,197 up to $92,580 34.00% over $92,580 up to $100,392 39.28% over $100,392 up to $112,655 45.71% 22.86% 29.62% 41.30% over $112.655 up to $155,625 47.46% 23.73 % 32.04% 44.48% over $155.625 up to $221,708 50.28% 25.14% 35.93% 48.02% 53.31 % 26.65% 40.10% over $221,708 QC 2022 Marginal Tax Rates Canadian Dividends Other Capital Income Gains Eligible Non-Eligible 27.53% 13.76% 4.53% 19.05% 32.53% 16.20% 11.43% 24.80% 37.12% 18.56% 17.77% 30.08% 41.12 % 20.50% 23.29% 34.68% 39.96% 41.97% 45.22% 48.70%