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Carl is age 66 and received OAS of $8,250.72 last year. He also receives a RPP of $35,000/yr related to his previous employment on the
Carl is age 66 and received OAS of $8,250.72 last year. He also receives a RPP of $35,000/yr related to his previous employment on the reserve. To supplement his retirement income he rents out a home he owns on reserve and earns $12,000 net in rental income per year. He wants to buy an RV and travel all over North America this year so he sold land he owned on a reserve a made $50,000 as a capital gain last year. What is Carls taxable income for last year?
Multiple Choice:
A. $25,000
B. $80,250.72
C. $37,000
D. $8,250.72
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