Question Tax payable Individual Mr John Kay is 66 year of age and his 2020 income is made up of net employment income of $48,000 eligible dividends of $5,000, Annuity payments from his RRIF $6,000 and old age security benefits of $6,500 For 2020 his employer withheld CPP $2,000 EI $800 and Federal Income tax $12,000 Other information for Mr Kay 2020 taxation year Mr Kay spouse is 62 years old Her only income for the year is $5,000 non eligible dividend from Canadian taxable corp The investment is inherited to her from her parents Mr and Mrs Kay have three healthy children and at December 2020 there age was 12, 14 and 19 years old Brenda the youngest daughter has income of $2,700, none of which was employment income Abbey, the oldest daughter, had net income of $12,000 none of which employment income In January 2020 Abbey began full time student at Calgary University Mr Kay paid her one year tuition fees of $10,000 (50 for winter 2020 semester and 50 for fall 2020 (he provides you with a 2020 T2201 showing the tuition amount $10,000 and she enrolled full time for 8 months) The family medical expense for the year totaled $4,100 all the amounts paid by Mrs Kay During 2020 Mr Kay made cash donation to a Canadian Charity amount of $3,000 also, he made another $1,000 cash contribution to Federal Political parties Mrs Kay donate $500 to Canadian charity during 2020 Mr and Mrs Kay purchase their first home during 2020 for $300,000 Mr Kay inform you that he has net capital loss carried from prior years amount of 8,000, He would like to deduct it if possible Mr Kay provide you with all the required forms signed by his daughter Abbey and his wife, both agreeing to transfer any eligible amounts to Mr Kay at maximums Required Calculate Mr Kays minimum 2020 federal income tax payable Please use Excel to show all the steps, Thank you

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Question Tax payable Individual Mr. John Kay is 66 year of age and his 2020 income is made up of net employment income of $48,000;

Question Tax payable Individual

Mr. John Kay is 66 year of age and his 2020 income is made up of net employment income of $48,000; eligible dividends of $5,000, Annuity payments from his RRIF $6,000 and old age security benefits of $6,500. For 2020 his employer withheld CPP $2,000; EI $800 and Federal Income tax $12,000. Other information for Mr. Kay 2020 taxation year:

Mr. Kay spouse is 62 years old. Her only income for the year is $5,000 non-eligible dividend from Canadian taxable corp. The investment is inherited to her from her parents.
Mr. and Mrs. Kay have three healthy children and at December 2020 there age was 12, 14 and 19 years old. Brenda the youngest daughter has income of $2,700, none of which was employment income. Abbey, the oldest daughter, had net income of $12,000 none of which employment income. In January 2020 Abbey began full time student at Calgary University. Mr. Kay paid her one-year tuition fees of $10,000 (50% for winter 2020 semester and 50% for fall 2020. (he provides you with a 2020 T2201 showing the tuition amount $10,000 and she enrolled full time for 8 months)
The family medical expense for the year totaled $4,100; all the amounts paid by Mrs. Kay.
During 2020 Mr. Kay made cash donation to a Canadian Charity amount of $3,000; also, he made another $1,000 cash contribution to Federal Political parties.
Mrs. Kay donate $500 to Canadian charity during 2020.
Mr. and Mrs. Kay purchase their first home during 2020 for $300,000.
Mr. Kay inform you that he has net capital loss carried from prior years amount of 8,000, He would like to deduct it if possible.

Mr. Kay provide you with all the required forms signed by his daughter Abbey and his wife, both agreeing to transfer any eligible amounts to Mr. Kay at maximums.

Required:

Calculate Mr. Kays minimum 2020 federal income tax payable.

Please use Excel to show all the steps, Thank you