Sharon is single, aged 69 and has the following information regarding the 2021 tax year:

Actual amount of foreign dividends received in Canadian dollars, not subject to foreign taxes due to tax treaty	$547
Income tax deducted by payer of pension income	$5,800
Capital loss on disposal of shares in Air Seneca Inc.	$1,800
Pension Income	$56,000
Rental income	$3,200
RRSP contribution	$2,125
Actual amount of eligible dividends received	$700

She also sold her sailboat for $1,900 which cost her $750.

Required:

Calculate the following for Sharon to the extent that she wishes to pay the lowest taxes possible:

1. Taxable income. Assume she has adequate RRSP contribution room. (5 marks)
2. Federal tax before non-refundable tax credits (1 mark)
3. Basic federal tax after non-refundable tax credits. (4 marks)
4. Tax Owing or to be refunded. Ignore refundable tax credits. (2 marks)