In 2018 Mrs neha was in the federal tax bracket of 20.5% and his Quebec tax bracket is 20%.

The gross up rate for dividends is 38%, and the federal dividend tax credit on actual dividends is 20.73% and on gross-up dividends is 15%.

The Quebec dividend tax credit is 16.37% on actual dividends and 11.86% on gross up.

In 2018 Mr. Singh sold his Canadian Bank shares for $10,000. The tax cost was $8,000.

REQUIRED: ANSWER THE FOLLOWING QUESTIONS:

What is the capital gain on the selling of the shares? Show your calculations

What is the amount of taxable capital gain that needs to be reported on the T1? Show calculation

On what line of the T1 will the taxable capital gain be reported?