Pietro lives and works in Quebec. In 2020, his gross salary was $160,000, his Notice of Assessment showed that he could make an Registered Retirement Savings Plan (RRSP) contribution of $26,000 for 2020. He was only able to contribute $20,000 prior to the March 1, 2021 RRSP deadline for the 2020 tax year but also made a $5,000 contribution to his Tax-Free Savings account in 2020. He gave his tax accountant $400 worth of receipts to deduct as Employment Expenses (as his employer confirms that he can work from his home and claim such expenses). He earned interest of $3,000 on his bonds and sold one of his shareholdings that triggered a capital gain of $1,000. He also had carrying charges for investment management fees of $600 to deduct on his tax return. Given the following tax table (and ignoring Basic Personal amounts for non-refundabie tax credits), what is Pietro's average tax rate for 2020? 2020 Combined Federal and Quebec Personal Income Tax Brackets and Tax Rates first $44,545: 27.53% over $44,545 up to $48,535: 32.53% over $48,535 up to $89,080: 37.12% over $89,080 up to $97,069: 41.12% over $97,069 up to $108,390: 45.71% over $108,390 up to $150,473: 47.46% over $150,473 up to $214,368: 50.15% over $214,368: 53.31% 47.46% B 37.38% 22.53% D 36.21% 43.78%