Mini-Case A (8 marks)

Monir and Jackie, both in their 40s, own a new 2-story house in Pointe Saint-Charles. Jackie is expecting their first child in September.

Monir is the co-owner of a real estate company and receives income in the form of dividends from his share ownership. Jackie is a salaried employee of the company with the usual deductions at source.

Jackie earned $76,000 in salary and $7,500 in bonuses in 2021. Monir received a $2.00 dividend per share on his 200,000 shares. Because the company is a Canadian controlled private corporate (CCPC), his dividends are non-eligible.

Jackie made $10,000 of RRSP contributions throughout 2021, and a $6,000 TFSA contribution in December. Monirs income is not considered to be earned income for determination of the RRSP contribution limit, thus his only contribution was to his TFSA of $6,000, also in December.

Monir purchased 2,000 shares of the Royal Bank at $105 early in 2021, and sold them later in 2021 for $135 per share. He also purchased 5,000 share of iShares Global Clean Energy ETF, which he later sold for a capital gain of $32,400. The ETF was held in his TFSA, while the Royal Bank shares were held in a non-registered account. Monir also incurred a small non-registered capital loss of $5,250 on some long-term bonds he had purchased.

Monir had major dental work done in 2021 amounting to $25,000. Their other medical expenses were negligible.

Part 3 (2 marks mark each)

Identify 4 additional federal non-refundable tax credits the couple could claim. Identify the credit, who can claim it, and why.

Non-Refundable Tax Credit	Who can claim	Rational
Basic personal amount	Both	Available to all tax filers