Question
During 2020, Ms. Nicole Sullivan receives $4000 in eligible dividends from taxable Canadian corporations. Her income is such that all additional amounts will be taxed
During 2020, Ms. Nicole Sullivan receives $4000 in eligible dividends from taxable Canadian corporations. Her income is such that all additional amounts will be taxed at a 29 percent federal rate and a 14 percent provincial rate. Her provincial dividend tax credit for eligible dividends is equal to 28 percent of the gross up. What is the total federal and provincial tax that will be payable on these dividends (after considering the dividend tax credits)?
Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response.
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