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Abra Swan is 30 years old and single. She is employed as a middle-level manager with a national Canadian company. After living and working for ve years in Regina, Saskatchewan, she was transferred to her employer's ofce in Winnipeg on December 15, 2019. Her nancial transactions for the 2019 taxation year are shown below. 1. Swan received an annual salary of $55,000. The following was withheld by the employer Income tax (10,000) Company pension contribution (2,200) Canada Pension Plan (2,372) Employment Insurance (810) 2. During the current year, Swan purchased 1,100 shares of her employer's company (a public corporation) under a stock-option program. The shares cost $10 each and at the time of purchase had a market value of $14. When the stock option was granted two years ago, the share price was $11. To fund the purchase, she borrowed $10,000 from her bank. During the year, she paid interest of $900 on the loan. 3. The previous year, Swan had unwisely invested in commodity futures and lost a large portion of her savings. She considered this loss to be a business loss but was unable to use the full amount for tax purposes because her other income was not sufcient. Of the total loss, $6,600 was unused. 4. As well, Swan had the following receipts for 2019: Dividends from taxable Canadian corporations (Eligible) $4,400 Dividends of $1,000 from a foreign corporation, less foreign taxes of $150 850 Cash received from RRSP withdrawal used to purchase home 25,000 Proceeds from the sale of public corporation shares (originally purchased for $20,000) 28,600 5. In 2019, she made the following disbursements: Winnipeg home down payment (rst home) $60,000 Mortgage payments on her new home 1,000 Life insurance 400 Charitable donations 700 Contribution to a federal political party 850 Tuition fees to a university (one-day course) 400 Required: For the 2019 taxation year, determine Swan's a. net income for tax purposes; b. taxable income; and 3(A) Salary $ 55,000 Stock option benefit $ 4,400 Registered Pension Plan Contribution $ (2,200) Canadian dividends Foreign dividends $ 1,000 interest on loan for shares Segment A Sub total $ 58,200 3(B) Taxable capital gains 3(C) Other Deductions $ 0 d(D) Losses $ Net Income for tax purposes $ 58,200 Non Capital Loss Carry Forward $ (6,600) Net Taxable Income $ 51,600c. federal tax liability. Net taxable income (from above) Federal Income Tax Non-refundable tax credits: r Basic Personal tax credit r CPP E| tax credit I Employment tax credit I Tuition tax credit r First Time home buyers credit Subtotal Non-Refundable tax credits @ 15% l Donations tax credit I Eligible dividends tax credit Basic federal tax Less other tax credits: I Foreign dividend tax credit I Political Tax credit Federal tax payable $ 400 $ 5,000 $ 8,582