Mr. Wallace Burns is a very successful executive with a Canadian public company. During 2020, he had Net Income For Tax Purposes and Taxable Income of $96,000, all of which was employment income. His employer withholds the required EI premiums and CPP contributions. Wallace is married to Sharon Burns. Sharon has Net Income For Tax Purposes of $6,750. Their 20 year old son Kenneth attends university on a full time basis during 11 months of the year. Wallace pays all of his son's costs including $9,850 for tuition and $1,350 for textbooks. Through part time jobs, Kenneth has income of $4,620. Kenneth has agreed to transfer the maximum allowable tuition amount to his father.

 

Required: 

First calculate Wallace’s federal income tax payable before tax credits. Then, calculate Wallace's minimum federal income tax payable for 2020, after applying the federal tax credits. Finally, indicate any carry forwards available to him and his dependants and the carry forward provisions. Ignore any tax amounts that Wallace might have had withheld or paid in instalments.