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Mr. Ted (Teddy) Bair is preparing his 2023 taxes under Part I of the Income Tax Act. Having learned that you had taken the Taxation
Mr. Ted (Teddy) Bair is preparing his 2023 taxes under Part I of the Income Tax Act. Having learned that you had taken the Taxation course at George Brown College, he has come to you for some assistance, in computing his income from various sources, deductions, Federal Tax Credit and Federal Tax. Ted age 58 years old and Barbie age 54 have been married for 6 years. Ted fathered a child from his previous marriage to Gigi, son Mark age 15 who lives with Gigi (Gigi has full custody) . Barbie also has 2 children from her previous marriage, son Luke 17 and daughter Sue age 20. Barbie has custody and both children live with them and are dependant and supported by both (Ted& Barbie). Barbie receives child support of $30,000 for Luke and Sue. You are provided with the following information: Mr. Bair is employed by Peacock Enterprises Limited (PEL) a large Canadian public corporation as vice president of Operations. During 2023, Ted received a gross annual salary of 201,007 ($49,000 from Calgary Alberta office and $ 152,007 from Toronto office). Ted's employer withheld the following amounts from his 2023 remuneration: EI Premiums $ 1,002 CPP Contributions 3,754 RPP
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