Question
Mr. and Mrs. Reid, ages 55 and 50, received the following income during 2020: Mr. Reid: Employment income (commission) ........................... . $15,000 Employment expenses .....................................
Mr. and Mrs. Reid, ages 55 and 50, received the following income during 2020: Mr. Reid:
Employment income (commission) ........................... . $15,000
Employment expenses ..................................... . (13,000)
Investment income:
Canadian interest ..................................... . 2,000
Dividends received (in Cdn. $):
Canadian-resident public corporations .................. . 1,000
U.S. corporations (net of 15% withholding tax) ........... . 680
Mrs. Reid:
Employment income ...................................... . 65,000
Investment income:
Canadian interest ..................................... . 1,000
Dividends received from Canadian-resident public corporations ... . 2,000
Calculate Mrs. Reids federal tax, ignoring the foreign tax credit and ignoring the election to include spousal dividends. (Canadian Tax)
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