I have Canadian common shares worth $150,000. The EAR in capital gains is 4% and 2% in dividends.The adjusted cost is $100,000. Taxable income for the year was $85,00. Assume tax rates and that taxes paid at the time of the sale.

Dividend tax credit:

Gross up = 38%

Federal rate =15.02% x Grossed-up Amount

Provincial rate = 10% x Grossed-up Amount

I have a 12-month mortgage with monthly payment of $8156.86, and the rate of 4% compounded semi-annually.

Should I sell those shares to pay off the mortgage? Why?