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Mr . Rampersaud is married and his wife, Mia, has net income of $ 4 , 5 0 0 . They have a son, Mohamed,
Mr Rampersaud is married and his wife, Mia, has net income of $ They have
a son, Mohamed, who is years old and lives at home. He attends university on a fulltime
basis during eight months of the year. Mr Rampersaud pays $ for Mohameds tuition.
Mohamed had net income of $ all of which is employment income earned during the
summer months. He will transfer any unused credits to his father to the maximum extent
possible.
and can you answer according to this template Federal Income Tax before Credits
BPA
Spousal $ $ $
EI
CPP
Canada Employment
Tuition Transfer from Son, Mohamed Note
Credit Base
Rate
Federal Income Tax Payable
Note: The transfer from the son is as follows:
Tuition Fees
Maximum Transfer
Carry Forward For Mohameds use only
Mohameds federal income tax payable is completely offset by his BPA of $ He can therefore transfer a maximum of $ of his tuition amount to his father. The remaining $ can be carried forward indefinitely, but can only be claimed by Ethan.
This is thefinal answer provided by professor
Credit base $; federal tax payable $
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