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Brent Wells is single and lives alone. During 2020 he earned employment income of $140,000. His employer withheld EI ($856) and CPP ($2,898) contributions of
Brent Wells is single and lives alone. During 2020 he earned employment income of $140,000. His employer withheld EI ($856) and CPP ($2,898) contributions of $3,754 (including CPP enhanced contributions of $166) and income tax. He has a portfolio of investments that generated eligible dividends from Canadian corporations of $10,000. He donated public company shares worth $1,000 to the Canadian Cancer Society. The adjusted cost base (ACB) of the shares donated was $400.
Determine Brent's federal tax payable for 2020.
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