Question
This answer can only solved by the tutor who is familiar with canadian tax laws. please i need immidiate help in this question.this is a
This answer can only solved by the tutor who is familiar with canadian tax laws. please i need immidiate help in this question.this is a question of personal financial planning and please I need correct answer asap thanks.
Use the CRA forms (T1 and necessary schedules) to answer the question. You
need to navigate your way to locate the forms:
http://www.cra-arc.gc.ca/menu-eng.html
Calculate the Federal tax payable for the year 2015 for Mrs. Smith, given the
following information:
Employment income: $142,000
Actual dividends: $6,400 (these are "eligible dividends")
Employee CPP contribution: $ 920
EI premium: $730
Registered Pension Plan Contribution: $6,800
Union dues: $620
RRSP contribution: $5,000
Prize from winning the lottery: $25,400
Life Insurance benefit payment received: $105,300
Interest income: $18,000
Tuition fees: $5,560 (was in school full time from January to April and part-
time from May to August)
Charitable donations: $5,320
Federal income tax deducted: $19,800
(Assume no more CPP contribution is required.)
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