Darcy Defoe received a dividend cheque for $500 from a large Canadian corporation. On his current tax return, Darcy will record the following amounts, assuming the dividends receive the dividend gross-up and tax credit of 38% and 15.0198% respectively:

Select one:

a. Taxable Dividend of $690; Dividend tax credit of $103.64

b. Taxable Dividend of $500; Dividend tax credit of $66.65

c. Taxable Dividend of $625; Dividend tax credit of $66.65

d. Taxable Dividend of $500; Dividend tax credit of $83.33