Question 5

You are preparing the 2023 T1 tax return for a client and so far you have determined the following:

1 Employment income (all salary) of $215,000

2 Taxable amount of eligible dividends $27,600

3 Taxable amount of non-eligible dividends $11,500

4 Charitable donations $36,000

5 Political contributions $890

6 Income tax withheld $31,000

For simplicity, assume that provincial tax is equal to one-half of federal tax. What would be the refund or balance owing for 2023?