1. In 2020, Melinda is a resident of Quebec and earns a gross salary of $100,000 from Bombardier. In her investment portfolio she sold 1,000 of her Spotify shares for $15,000 (she had originally purchased 2,000 shares a few years back for $8,000). She also received taxable dividends of $15,000 (eligible dividends). On October 1, 2020, Melinda made a Registered Retirement Savings Plan (RRSP) contribution of $10,500 which she will claim on her 2020 tax return. On the same day, she also made a contribution to her Tax-Free Savings Account (TFSA) for $2,000. Which statement is false?
2. a.Melindas dividends have been grossed-up and are eligible for a dividend tax credit on the $15,000 Melinda has capital gain of $7,000
3. b.Melinda has a taxable capital gain of $5,500
4. c.Melindas total income is $120,500
5. d.Melindas taxable income is $110,000