Mr$.$ Sanchez is employed by a large public corporation and for $2023$ his salary was $Case #$1-$ Individual Tax Return

Mr$.$ Sanchez is employed by a large public corporation and for $2023$ his salary was $

He was a member of the company's pension plan and his contributions were matched by his

employer. He contributed $$800\mathrm{.}84$ to the plan and the amount shown on his T$4$ slip along with an

entry of $$1,601\mathrm{.}68$ in box $52$ representing his pension adjustment. Union dues were deducted of

$$1,000.$

During $2023,$ his employer withheld the following amounts from his compensation:

EI Premiums

CPP Contributions

Income Tax Deducted

$[$$$1,002\mathrm{.}45],[$$$3,754\mathrm{.}45],[$$$]$

He also made RRSP contributions of $$200$ a month for the year and had enough contribution room.

Last year he had non$-$capital losses of $

that he could not use in $2022$ and was carry

forward to $2023.$

Mr$.$ Sanchez owns $1,000$ preferred shares of Iron Works shares, a publicly$-$traded taxable Canadian

corporation and received four dividend payments of $$102$ and sold his shares and received

proceeds of disposition of $$36$ per share and his adjusted cost base for each share was $$20.$ Mr$.$

Sanchez also received interest payments totaling $$365$ based on his balance in his savings account

at the same bank and had carrying charges of $$95.$

Mr$.$ Sanchez is the sole provider for the family and Kia his wife works part time and had a Net

Income of $$5,800.$ They have two young children Lois and Arsenio aged seven and eleven and

paid medical expenses of $$2,650$ in $2023.$ He also contributed to various charities in the amount

of $$90$ and his wife contributed $$80$ to local charities.

Required:

Determine Mr$.$ Sanchez's Total Income, Net Income, Taxable Income, and the Net Federal Tax

owing or refund for $2023$ not including Provincial Taxes.

He was a member of the company's pension plan and his contributions were matched by his

employer. He contributed $$800\mathrm{.}84$ to the plan and the amount shown on his T$4$ slip along with an

entry of $$1,601\mathrm{.}68$ in box $52$ representing his pension adjustment. Union dues were deducted of

$$1,000.$

During $2023,$ his employer withheld the following amounts from his compensation:

EI Premiums

CPP Contributions

Income Tax Deducted

$$1,002\mathrm{.}45$

$$3,754\mathrm{.}45$

$

He also made RRSP contributions of $$200$ a month for the year and had enough contribution room.

Last year he had nom$-$capital losses of $

that he could not use in $2022$ and was carry

forward to $2023.$

Mr$.$ Sanchez owns $1,000$ preferred shares of Iron Works shares, a publicly$-$traded taxable Canadian

corporation and received four dividend payments of $$102$ and sold his shares and received

proceeds of disposition of $$36$ per share and his adjusted cost base for each share was $$20.$ Mr$.$

Sanchez also received interest payments totaling $$365$ based on his balance in his savings account

at the same bank and had carrying charges of $$95.$

Mr$.$ Sanchez is the sole provider for the family and Kia his wife works part time and had a Net

Income of $$5,800.$ They have two young children Lois and Arsenio aged seven and eleven and

paid medical expenses of $$2,650$ in $2023.$ He also contributed to various charities in the amount

of $$90$ and his wife contributed $$80$ to local charities.

Required:

Determine Mr$.$ Sanchez$$s Total Income, Net Income, Taxable Income, and the Net Federal Tax owing or refund for $2023$ not including Provincial Taxes.