Question
At the beginning of 2020, Karl Fine, who is single and 30 years old, has a carry forward of a tuition tax credit from 2019
At the beginning of 2020, Karl Fine, who is single and 30 years old, has a carry forward of a tuition tax credit from 2019 of $525 [(15%)($3,500)]. During 2020, he is in full time attendance at a Canadian university. His tuition fees total $5,650 for the year. His Taxable Income (Division C) for 2020 from investments is $34,650. Other than his education related tax credits, the only other tax credit available to him is his basic personal amount.
Required:
Determine Karl's tax payable before tax credits, the total tuition tax credit and any available carry forward and his net tax payable.
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