Case for RFC 122 Fall 2021 Personal Information: Susan is age 69 (retired) Robert is age 63 (disabled)/No Income Data-use 2019 tax rates, tax credit numbers: Employment Income 52000 Eligible Cdn Cash Dividends 3000 Foreign Dividends 1000 Pension Income 9002 Old Age Security 7217 Taxable Capital Gain 2500 1000 1050 Deductions or tax credits: RRSP Contributions Moving Expenses Net Capital Losses Federal political Donations Provincial Political Donations Charitable Donations Employment Insurance Canada Pension Plan 1000 500 400 500 860 withheld from salary 2749 withheld from salary 9 marks for the following calculations: Calculate Federal taxes payable and show all schedule or subsidiary calculations Show Total Income, Deductions, Net Income, deductions from Net Income, Basic Tax calculation (incl tax credits) Some research will be required Hints: You may need to calculate 1. Medical Expense tax credit 2. Dividend tax credit (grossed up amount) 3. Means tested NRTC such as age, transfers from spouse 4. Federal Foreign Tax credit 5. OAS clawback 6. Charitable Donation Can you recommend any other tax planning or income splitting options? 1 mark Case for RFC 122 Fall 2021 Personal Information: Susan is age 69 (retired) Robert is age 63 (disabled)/No Income Data-use 2019 tax rates, tax credit numbers: Employment Income 52000 Eligible Cdn Cash Dividends 3000 Foreign Dividends 1000 Pension Income 9002 Old Age Security 7217 Taxable Capital Gain 2500 1000 1050 Deductions or tax credits: RRSP Contributions Moving Expenses Net Capital Losses Federal political Donations Provincial Political Donations Charitable Donations Employment Insurance Canada Pension Plan 1000 500 400 500 860 withheld from salary 2749 withheld from salary 9 marks for the following calculations: Calculate Federal taxes payable and show all schedule or subsidiary calculations Show Total Income, Deductions, Net Income, deductions from Net Income, Basic Tax calculation (incl tax credits) Some research will be required Hints: You may need to calculate 1. Medical Expense tax credit 2. Dividend tax credit (grossed up amount) 3. Means tested NRTC such as age, transfers from spouse 4. Federal Foreign Tax credit 5. OAS clawback 6. Charitable Donation Can you recommend any other tax planning or income splitting options? 1 mark