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Shirley received $2,000 in dividends from The Royal Bank of Canada and $4,000 in dividends from Edgeware Inc., a private company owned by her uncle.

Shirley received $2,000 in dividends from The Royal Bank of Canada and $4,000 in dividends from Edgeware Inc., a private company owned by her uncle. What dividend tax credit will Shirley earn on her eligible dividends? The gross-up is 38% and the dividend tax credit is 15.02% of the grossed-up dividend.

  1. $300
  2. $415
  3. $901
  4. $1,244

The answer is $415, but I would like to know the steps to get the answer.

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