Barb has always lived in Quebec and just graduated from Concordia in December 2022 and started her full-time employment as of January 1, 2023. Prior to this, she only held part-time jobs as an intern.

Facts for 2023 for Barb:

• Gross annual salary of $71,000

1. Interest income of $500
2. Unused tuition carry over from 2022: $7,000
3. Made Registered Retirement Savings Plan (RRSP) contribution of $3,000
4. Registered Retirement Savings Plan (RRSP) contribution room of $10,000
5. Made Tax-Free Savings Account (TFSA) contribution of $2,000
6. Tax-Free Savings Account (TFSA) contribution room of $18,500
7. Sold 50 shares in Intact Financial at $193 per share on July 10, 2023 (paid a total of $7,700 for 70 shares when she purchased them in 2020)
8. Net capital loss from previous years of $400

1. Using Table A, calculate Barbs taxes payable (ignore non-refundable tax credits for this problem). (2 marks)

Barbs Taxes Payable for 2023 (2 marks)

1. Calculate Barbs average tax rate and marginal tax rate for 2023. (1 mark):

Tax calculationAverage tax rate (.5 marks) Marginal tax rate (.5 marks)