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#2) (12 Marks) Determine the various federal tax credits the below Taxpayer is entitled to for 2017: Taxpayer received the following sources of income for 2017: Bank Interest $3,500 Net Employment Income $68,000 RRSP Withdrawals $5,000 (Taxpayer is 42 years old) Total Net Income & Taxable income $76,500 Taxpayer had the following amounts withheld from their employment paycheque: $836 CPP $2,564 Income Tax Withheld at Source $11,000 Registered Pension Plan Contributions $3,400 Life Insurance Premiums $400 Total Withholdings from $18,200 Employment Income Taxpayer is divorced and has sole custody of their child (13 years old, in good health, and $1,000 in income). Taxpayer paid $50 a month for bus passes (Jan - Dec, 2017) totaling $600 for the year. Taxpayer contributed $1,000 to a Registered Charity during the year. They have made similar contributions in prior years. Taxpayer contributed $500 to a Registered Federal Political Party in 2017. Taxpayer incurred $2,000 in fees to register their child in hockey. Taxpayer incurred $5,000 in eligible medical expenses during the year. Their son incurred $500 in additional eligible medical expenses. REQUIRED: Compute the federal tax credits the taxpayer is entitled to for 2017. Ensure your answer includes all the required tax forms. Hint: Start with Schedule 1 and use any related forms required 1 2 2 4 01 7 .10 .11 12 13 Step 1 - Federal non-refundable tax credits Basic personal amount claim $11,635 300 Age amount (if you were born in 1952 or earlier) (use the federal worksheet) (maximum $7,225) 301 + Spouse or common aw partner amount (attach Schedule 5) 303 + Canada caregiver amount for spouse or common-law partner, or eligible dependant age 18 or older (attach Schedule 5) 304+ Amount for an eligible dependant (attach Schedule 5) 305+ Canada caregiver amount for other infire dependants age 18 or older (attach Schedule 5) 307+ Canada caregiver amount for infirm children under 18 years of age Enter the number of children for whom you are claiming this amount 352 x 2,150 = 367+ CPP or QPP contributions: through employment from box 16 and box 17 of all T4 slips (attach Schedule 8 or Form RC381, whichever applies) 308+ on self-employment and other earnings (attach Schedule 8 or Form RC381, whichever applies) 310+ Employment insurance premiums: through employment from box 18 and box 55 of all T4 slips (maximum $836.19) 312+ on self-employment and other eligible oamings (attach Schedule 13) 317+ Volunteer firefighters' amount 362+ Search and rescue volunteers amount 395 + Canada employment amount (If you reported employment income on line 101 or line 104, seo line 363 in the guide.) (maximum $1,178) 363+ Public transit amount (only claim amounts from January 1 to June 30, 2017) 364+ Home accessibility expenses (attach Schedule 12) 398+ Home buyers' amount 369+ Adoption expenses 313+ Pension income amount (use the federal worksheet) (maximum $2,000) 314+ Disability amount (for self) (claim $8,113, or if you were under 18 years of age, use the federal worksheet 316+ Disability amount transferred from a dependant (use the federal worksheet) 318+ Interest paid on your student loans 319+ Your tuition, education, and textbook amounts (attach Schedule 11) 323+ Tuition amount transferred from a child 324+ Amounts transferred from your spouse or common-aw partner (attach Schedule 2) 326+ Medical expenses for self, spouse or common-law partner, and your 330 26 dependent children born in 2000 or later Enter $2.268 or 3% of line 236 of your return, whichever is less. 27 28 Line 26 minus line 27 (if negative, enter 'O") Allowable amount of medical expenses for other dependants (do the calculation at line 331 in the guide) 331+ 29 Add lines 28 and 29. Add lines 1 to 25, and line 30. 335= Federal non-refundable tax credit rate (338 Multiply line 31 by line 32 349+ Donations and gifts (attach Schedule 9) Add lines 33 and 34. Enter this amount on line 47 on the next page. Total federal non-refundable tax credits 350 14 15 16 17 18 19 20 21 22 23 24 25 332+ x 15% 30 31 32 33 34 35 35 Enter your taxable income from line 260 of your return Complete the appropriate Line 36 is Line 36 is more Line 36 is more column depending on the $45,916 or loss than $45,916 but than $91,831 but amount on line 36. not more than not more than I Enter the amount $91,831 $142,353 from line 36 Line 37 minus line 39 oloo 45,916,00 91,831,00 (cannot be negativo) Multiply line 39 15% 20.5% X 26% by line 40. 0.00 + 6,88700 16,300.00 Line 38 is more than $142,353 but not more than $ 202,800 Line 36 is more than $202,800 142,353.00 37 202,800, 00 38 39 33% 40 41 46,965,00 42 X 29% + + + 29,436.00 + Add lines 41 and 42 43 Step 3 - Net federal tax Enter the amount from line 43 Federal tax on split income (from line 5 of Form T1206) Add lines 44 and 45. 44 .45 424 4045 46 Enter your total federal non-refundable tax credits from line 35 on the previous page. Federal dividend tax credit Minimum tax carryovor (attach Form T691) Add lines 47, 48, and 49. 350 1425 47 48 49 127+ 50 Basic federal tax 429= 51 Line 46 minus line 50 (if negative, enter "O") Federal foreign tax credit (attach Form T220) Line 51 minus line 52 (if negativo, enter "0") 405- 52 Federal tax 406 = 53 55 56 Total federal political contributions (attach receipts) 409 54 Federal political contribution tax credit (use the foderal worksheet (maximum $650) 410 Investment tax credit (attach Form T2038(IND)) 112+ Labour-sponsored funds tax credit (see lines 413 and 414 in the guide) Net cost of shares of a provincially registered fund 413 Allowable credit 414+ Add lines 55, 56, and 57 416 Line 53 minus line 58 (if negative, enter "0") If you have an amount on line 45 above, see Form T1206. Working income tax bonofit advance payments received (box 10 of the RC210 slip) 57 58 417= 59 415+ .60 418+ 61 Special taxes (soo line 418 in the guide) Add lines 59, 60, and 61. Enter this amount on line 420 of your return. Net federal tax 420 = 62