During 2020, Mr. Frank Drake receives $24,000 in eligible dividends from Canadian public corporations.His income is such
Fantastic news! We've Found the answer you've been seeking!
Question:
During 2020, Mr. Frank Drake receives $24,000 in eligible dividends from Canadian public corporations.His income is such that this additional amount will be taxed at a 29 percent federal rate and a 14 percent provincial rate.On eligible dividends, the province has a dividend tax credit equal to 25 percent of the gross up.Determine the total federal and provincial tax that will be payable on these dividends and his after tax retention.
Posted Date: