Ava has asked you to help prepare her 2021 personal income tax returns (combined Federal and Quebec). For 2021, she provided you with the following: 14 tax slip from Hydro-Qubec where she works as an engineer, reporting her 2021 gross annual salary of $105,000; T5 tax slip showing interest income received in 2021 of $1,500; On December 1, 2021, she sold 100 shares in Canadian Tire for $180/share (she had purchased 150 shares when they were at $110/share in 2019); Made a Tax-Free Savings Account (TFSA) contribution of $6,000 on January 1, 2021; Contributed the maximum to her Registered Retirement Savings Plan (RRSP) plan on May 15, 2021, when she received her company bonus (note that her 2020 earned income was $100,000; she maximizes her RRSP contribution each year and is not part of a company pension plan); Professional dues from the Order of Quebec Engineers that she can deduct in the amount of $945; and Has a capital loss of $600 from a previous year that she can deduct against her capital gain. b) Calculate Ava's combined Federal and Quebec taxes payable. Use Table A, 2021 tax rates. Ignore non-refundable tax credits. Calculate Ava's combined Federal and Quebec 2021 taxes payable c) Calculate Ava's average tax rate. Calculate Ava's 2021 average tax rate d) What is Ava's marginal tax rate? Ava's 2021 marginal tax rate TABLE A Combined Federal & Quebec Tax Brackets and Tax Rates QC 2021 Marginal Tax Rates QC 2022 Marginal Tax Rates Other Capital Canadian Dividends Income Gains Eligible Non-Eligible Canadian Dividends Other Capital Income Gains Eligible Non-Eligible 2021 Taxable Income 2022 Taxable Income first $45,105 27.53% 13.76% 4.53% 18.37% first $46,295 27.53% 13.76% 4.53% 19.05% over $45,105 up to S49,020 32.53% 16.26% 11.43% 24.12% over $46,295 up to $50,197 32.53% 16.26% 11.43% 24.80% over $49,020 up to $90,200 37.12% 18.56% 17.77% 29.40% over $50,197 up to $92,580 37.12% 18.56% 17.77% 30.08% over $90,200 up to $98,040 41.12% 20.56% 23.29% 34.00% over $92,580 up to $100,392 41.12% 20.56% 23.29% 34.68% over $98,040 up to $109,755 45.71% 22.86% 29.62% 39.28% ver $100,392 up to $112,655 45.71% 22.86% 29.62% 39.96% over $109,755 up to $151,978 47.46% 23.73% 32.04% 41.30% pver $112,655 up to $155,625 47.46% 23.73% 32.04% 41.97% Eover $151,978 up to $216,511 50.23% 25.12% 35.86% 44.48% ver $155,625 up to $221,708 50.28% 25.14% 35.93% 45.22% over $216,511 53.31% 26.65% 40.10% 48.02% over $221,708 53.31% 26.65% 40.10% 48.70% 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. Ava has asked you to help prepare her 2021 personal income tax returns (combined Federal and Quebec). For 2021, she provided you with the following: 14 tax slip from Hydro-Qubec where she works as an engineer, reporting her 2021 gross annual salary of $105,000; T5 tax slip showing interest income received in 2021 of $1,500; On December 1, 2021, she sold 100 shares in Canadian Tire for $180/share (she had purchased 150 shares when they were at $110/share in 2019); Made a Tax-Free Savings Account (TFSA) contribution of $6,000 on January 1, 2021; Contributed the maximum to her Registered Retirement Savings Plan (RRSP) plan on May 15, 2021, when she received her company bonus (note that her 2020 earned income was $100,000; she maximizes her RRSP contribution each year and is not part of a company pension plan); Professional dues from the Order of Quebec Engineers that she can deduct in the amount of $945; and Has a capital loss of $600 from a previous year that she can deduct against her capital gain. b) Calculate Ava's combined Federal and Quebec taxes payable. Use Table A, 2021 tax rates. Ignore non-refundable tax credits. Calculate Ava's combined Federal and Quebec 2021 taxes payable c) Calculate Ava's average tax rate. Calculate Ava's 2021 average tax rate d) What is Ava's marginal tax rate? Ava's 2021 marginal tax rate TABLE A Combined Federal & Quebec Tax Brackets and Tax Rates QC 2021 Marginal Tax Rates QC 2022 Marginal Tax Rates Other Capital Canadian Dividends Income Gains Eligible Non-Eligible Canadian Dividends Other Capital Income Gains Eligible Non-Eligible 2021 Taxable Income 2022 Taxable Income first $45,105 27.53% 13.76% 4.53% 18.37% first $46,295 27.53% 13.76% 4.53% 19.05% over $45,105 up to S49,020 32.53% 16.26% 11.43% 24.12% over $46,295 up to $50,197 32.53% 16.26% 11.43% 24.80% over $49,020 up to $90,200 37.12% 18.56% 17.77% 29.40% over $50,197 up to $92,580 37.12% 18.56% 17.77% 30.08% over $90,200 up to $98,040 41.12% 20.56% 23.29% 34.00% over $92,580 up to $100,392 41.12% 20.56% 23.29% 34.68% over $98,040 up to $109,755 45.71% 22.86% 29.62% 39.28% ver $100,392 up to $112,655 45.71% 22.86% 29.62% 39.96% over $109,755 up to $151,978 47.46% 23.73% 32.04% 41.30% pver $112,655 up to $155,625 47.46% 23.73% 32.04% 41.97% Eover $151,978 up to $216,511 50.23% 25.12% 35.86% 44.48% ver $155,625 up to $221,708 50.28% 25.14% 35.93% 45.22% over $216,511 53.31% 26.65% 40.10% 48.02% over $221,708 53.31% 26.65% 40.10% 48.70% 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. Ava has asked you to help prepare her 2021 personal income tax returns (combined Federal and Quebec). For 2021, she provided you with the following: 14 tax slip from Hydro-Qubec where she works as an engineer, reporting her 2021 gross annual salary of $105,000; T5 tax slip showing interest income received in 2021 of $1,500; On December 1, 2021, she sold 100 shares in Canadian Tire for $180/share (she had purchased 150 shares when they were at $110/share in 2019); Made a Tax-Free Savings Account (TFSA) contribution of $6,000 on January 1, 2021; Contributed the maximum to her Registered Retirement Savings Plan (RRSP) plan on May 15, 2021, when she received her company bonus (note that her 2020 earned income was $100,000; she maximizes her RRSP contribution each year and is not part of a company pension plan); Professional dues from the Order of Quebec Engineers that she can deduct in the amount of $945; and Has a capital loss of $600 from a previous year that she can deduct against her capital gain. b) Calculate Ava's combined Federal and Quebec taxes payable. Use Table A, 2021 tax rates. Ignore non-refundable tax credits. Calculate Ava's combined Federal and Quebec 2021 taxes payable c) Calculate Ava's average tax rate. Calculate Ava's 2021 average tax rate d) What is Ava's marginal tax rate? Ava's 2021 marginal tax rate TABLE A Combined Federal & Quebec Tax Brackets and Tax Rates QC 2021 Marginal Tax Rates QC 2022 Marginal Tax Rates Other Capital Canadian Dividends Income Gains Eligible Non-Eligible Canadian Dividends Other Capital Income Gains Eligible Non-Eligible 2021 Taxable Income 2022 Taxable Income first $45,105 27.53% 13.76% 4.53% 18.37% first $46,295 27.53% 13.76% 4.53% 19.05% over $45,105 up to S49,020 32.53% 16.26% 11.43% 24.12% over $46,295 up to $50,197 32.53% 16.26% 11.43% 24.80% over $49,020 up to $90,200 37.12% 18.56% 17.77% 29.40% over $50,197 up to $92,580 37.12% 18.56% 17.77% 30.08% over $90,200 up to $98,040 41.12% 20.56% 23.29% 34.00% over $92,580 up to $100,392 41.12% 20.56% 23.29% 34.68% over $98,040 up to $109,755 45.71% 22.86% 29.62% 39.28% ver $100,392 up to $112,655 45.71% 22.86% 29.62% 39.96% over $109,755 up to $151,978 47.46% 23.73% 32.04% 41.30% pver $112,655 up to $155,625 47.46% 23.73% 32.04% 41.97% Eover $151,978 up to $216,511 50.23% 25.12% 35.86% 44.48% ver $155,625 up to $221,708 50.28% 25.14% 35.93% 45.22% over $216,511 53.31% 26.65% 40.10% 48.02% over $221,708 53.31% 26.65% 40.10% 48.70% 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. Ava has asked you to help prepare her 2021 personal income tax returns (combined Federal and Quebec). For 2021, she provided you with the following: 14 tax slip from Hydro-Qubec where she works as an engineer, reporting her 2021 gross annual salary of $105,000; T5 tax slip showing interest income received in 2021 of $1,500; On December 1, 2021, she sold 100 shares in Canadian Tire for $180/share (she had purchased 150 shares when they were at $110/share in 2019); Made a Tax-Free Savings Account (TFSA) contribution of $6,000 on January 1, 2021; Contributed the maximum to her Registered Retirement Savings Plan (RRSP) plan on May 15, 2021, when she received her company bonus (note that her 2020 earned income was $100,000; she maximizes her RRSP contribution each year and is not part of a company pension plan); Professional dues from the Order of Quebec Engineers that she can deduct in the amount of $945; and Has a capital loss of $600 from a previous year that she can deduct against her capital gain. b) Calculate Ava's combined Federal and Quebec taxes payable. Use Table A, 2021 tax rates. Ignore non-refundable tax credits. Calculate Ava's combined Federal and Quebec 2021 taxes payable c) Calculate Ava's average tax rate. Calculate Ava's 2021 average tax rate d) What is Ava's marginal tax rate? Ava's 2021 marginal tax rate TABLE A Combined Federal & Quebec Tax Brackets and Tax Rates QC 2021 Marginal Tax Rates QC 2022 Marginal Tax Rates Other Capital Canadian Dividends Income Gains Eligible Non-Eligible Canadian Dividends Other Capital Income Gains Eligible Non-Eligible 2021 Taxable Income 2022 Taxable Income first $45,105 27.53% 13.76% 4.53% 18.37% first $46,295 27.53% 13.76% 4.53% 19.05% over $45,105 up to S49,020 32.53% 16.26% 11.43% 24.12% over $46,295 up to $50,197 32.53% 16.26% 11.43% 24.80% over $49,020 up to $90,200 37.12% 18.56% 17.77% 29.40% over $50,197 up to $92,580 37.12% 18.56% 17.77% 30.08% over $90,200 up to $98,040 41.12% 20.56% 23.29% 34.00% over $92,580 up to $100,392 41.12% 20.56% 23.29% 34.68% over $98,040 up to $109,755 45.71% 22.86% 29.62% 39.28% ver $100,392 up to $112,655 45.71% 22.86% 29.62% 39.96% over $109,755 up to $151,978 47.46% 23.73% 32.04% 41.30% pver $112,655 up to $155,625 47.46% 23.73% 32.04% 41.97% Eover $151,978 up to $216,511 50.23% 25.12% 35.86% 44.48% ver $155,625 up to $221,708 50.28% 25.14% 35.93% 45.22% over $216,511 53.31% 26.65% 40.10% 48.02% over $221,708 53.31% 26.65% 40.10% 48.70% 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.