Question
Jack is 69 years old and has employment income of $48000, OAS payments of $6000 and $21000 of pension income received from his former employer
Jack is 69 years old and has employment income of $48000, OAS payments of $6000 and $21000 of pension income received from his former employer during the year. Jack's T4 from his current employer shows CPP contribution of $2336 and EI premium of $758. Jack's wife Jill is 72 years old and has interest income of $4725. As Jack and Jill live comfortably on Jack's income alone, they made a political donation of $1000 and $3725 donation to a charity in Jack's name. In addition, Jack contributed $5000 to his RRSP. Valid tax receipts are received for all contributions and donations. Calculate the minimum 2020 federal tax payable for Jack, including all eligible tax credit amounts and computation. No provincial amounts are needed. Show all work for full credit.
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