Avery Swan is 30 years old and single. She is employed as a middle-level manager with a national Canadian company. After living and working for five years in Regina, Saskatchewan, she was transferred to her employer's office in Winnipeg, Manitoba on December 15, 2021. Her financial transactions for the 2021 taxation year are shown below. 1. Avery receives an annual salary of $60,500. The following was withheld by the employer Income tax Company pension contribution Canada Pension Plan Employment Insurance (13,000) (2,400) (3,166) (890) 2. During the current year, Avery purchased 1,200 shares of her employer's company (a public corporation) under a stock-option program. The shares cost $10 each and at the time of purchase had a market value of $14. When the stock option was granted two years ago, the share price was $11. To fund the purchase, she borrowed $10,000 from her bank. During the year, she paid interest of $1,000 on the loan. 3. The previous year, Avery had unwisely invested in commodity futures and lost a large portion of her savings. She considered this loss to be a business loss but was unable to use the full amount for tax purposes because her other income was not sufficient. Of the total loss, $7,300 is unused. 4. As well, Avery had the following receipts for 2021: 4. As well, Avery had the following receipts for 2021: Dividends from taxable Canadian corporations (Eligible) Dividends of $1,000 from a foreign corporation, less foreign taxes of $200 Cash received from RRSP withdrawal used to purchase home Proceeds from the sale of public corporation shares (originally purchased for $20,000) $ 4,800 800 25,000 31,500 5. In 2021, she made the following disbursements: Winnipeg home down payment (first home) Mortgage payments on her new home Life insurance Charitable donations Contribution to a federal political party Tuition fees to a university (one-day course) $60,000 1,000 400 900 900 500 Required: For the 2021 taxation year, determine the following for Avery: a. net income for tax purposes; b. taxable income; and a. net income for tax purposes; b. taxable income; and $ 60,500 4,800 (2,400) $ $ 1,000 3(A) Salary Stock option benefit Registered Pension Plan Contribution Canadian dividends Foreign dividends Interest on loan for shares Segment A Sub total 3(B) Taxable capital gains 3(C) : RRSP withdrawal 3(D) Losses $ 63,900 0 $ $ 0 Net Income for tax purposes $ 63,900 Non Capital Loss Carry Forward $ S (7,300) 56,600 Net Taxable Income c. federal tax liability. Net taxable income (from above) Federal Income Tax Non-refundable tax credits: Basic Personal tax credit CPP El tax credit $ 4,056 Employment tax credit Tuition tax credit 500 $ $ 5,000 First Time home buyer's credit Subtotal 9,556 Non-Refundable tax credits @ 15% Donations tax credit Eligible dividends tax credit Basic federal tax $ 0 Less other tax credits: Foreign dividend tax credit Political Tax credit Federal tax payable $