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Slava Datsuk is a 28 year old employee with First Delta Corp. His employment income is $110,000 in 2021. His employer deducted the required income

Slava Datsuk is a 28 year old employee with First Delta Corp. His employment income is $110,000 in 2021. His employer deducted the required income tax, EI and CPP amounts from his paycheques during the year.

Slava owns a diverse portfolio of stocks that paid non-eligible dividends in the amount of $6,000 during 2021. He also sold 1,000 shares in XYZ Inc., a publicly traded company, during 2021. These shares had an adjusted cost base of $20/share and he was able to sell them for $40/share during the year.

Slava is a divorced father of three. His divorce agreement requires that he pay his ex-wife $3,000 per month in child support and $1000 per month in spousal support. Slava made all of the payments during 2021 as required.

Slava also has a rental property, which had a net loss of $5,000 in the year.

Slava has a $12,000 allowable capital loss carryover from a number of years ago that he has not been able to use in a prior taxation year.

Required:

A. Calculate the amount to report on each line in the table below, including Slava's 2021 Net Income for Tax Purposes and Taxable Income.

Description

Amount

Line 3a

Line 3b

Line 3c

Line 3d

Net Income for Tax Purposes

Division C Deductions

Taxable Income

B. Calculate the following Federal Tax Credits for Slava:

Description: Amount
Federal Dividend Tax Credit
CPP Tax Credit

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