Question
Brent Wells is single and lives alone. During 2021 he earned employment income of $140,000. His employer withheld EI ($890) and CPP ($3,166) contributions of
Brent Wells is single and lives alone. During 2021 he earned employment income of $140,000. His employer withheld EI ($890) and CPP ($3,166) contributions of $4,056 (including CPP enhanced contributions of $290) 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 Brents federal tax payable for 2021. Show all steps and calculations. You may find this easiest to do in Excel.
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