Vincent is 63 years old and is an employee at Centennial University with a net income of $150,000. His employer has withheld the maximum El premium of $856 and CPP contribution of $2,732. He does not qualify for enhanced CPP. His taxable income is equal to his net income. Vincent receives income of $10,000 from registered pension plan from his previous job. His wife Diane is 66 years old and has net income for tax purposes of $6,100. They have a 20 year old son who lives at home. He is dependent because of a physical infirmity, but it is not severe enough to qualify him for the disability tax credit. However, he is able to attend college on a full-time basis for 8 months during 2020. John pays his tuition fees of $9,400, as well as $720 for the textbooks that he requires in his program. The son has Net Income For Tax Purposes of $8,350. The son agrees to transfer the maximum of his tuition fee amount to Vincent. Vincent installed walking bars to make their home more accessible for his son which cost $500. The son decided he would pay for the walking bars as they were for his benefit. There were no other medical expenses for the family. Required: Calculate the minimum 2020 federal Tax Payable for Vincent. Indicate any carry forwards available to him and his dependant, if any. 3 Question 13 (30 points) Vincent is 63 years old and is an employee at Centennial University with a net income of $150,000. His employer has withheld the maximum El premium of $856 and CPP contribution of $2,732. He does not qualify for enhanced CPP. His taxable income is equal to his net income. Vincent receives income of $10,000 from registered pension plan from his previous job. His wife Diane is 66 years old and has net income for tax purposes of $6,100. They have a 20 year old son who lives at home. He is dependent because of a physical infirmity, but it is not severe enough to qualify him for the disability tax credit. However, he is able to attend college on a full-time basis for 8 months during 2020. John pays his tuition fees of $9,400, as well as $720 for the textbooks that he requires in his program. The son has Net Income For Tax Purposes of $8,350. The son agrees to transfer the maximum of his tuition fee amount to Vincent Vincent installed walking bars to make their home more accessible for his son which cost $500. The son decided he would pay for the walking bars as they were for his benefit. There were no other medical expenses for the family. Required: Calculate the minimum 2020 federal Tax Payable for Vincent. Indicate any carry forwards available to him and his dependant, if any. Paragraph BIU Vincent is 63 years old and is an employee at Centennial University with a net income of $150,000. His employer has withheld the maximum El premium of $856 and CPP contribution of $2,732. He does not qualify for enhanced CPP. His taxable income is equal to his net income. Vincent receives income of $10,000 from registered pension plan from his previous job. His wife Diane is 66 years old and has net income for tax purposes of $6,100. They have a 20 year old son who lives at home. He is dependent because of a physical infirmity, but it is not severe enough to qualify him for the disability tax credit. However, he is able to attend college on a full-time basis for 8 months during 2020. John pays his tuition fees of $9,400, as well as $720 for the textbooks that he requires in his program. The son has Net Income For Tax Purposes of $8,350. The son agrees to transfer the maximum of his tuition fee amount to Vincent. Vincent installed walking bars to make their home more accessible for his son which cost $500. The son decided he would pay for the walking bars as they were for his benefit. There were no other medical expenses for the family. Required: Calculate the minimum 2020 federal Tax Payable for Vincent. Indicate any carry forwards available to him and his dependant, if any. 3 Question 13 (30 points) Vincent is 63 years old and is an employee at Centennial University with a net income of $150,000. His employer has withheld the maximum El premium of $856 and CPP contribution of $2,732. He does not qualify for enhanced CPP. His taxable income is equal to his net income. Vincent receives income of $10,000 from registered pension plan from his previous job. His wife Diane is 66 years old and has net income for tax purposes of $6,100. They have a 20 year old son who lives at home. He is dependent because of a physical infirmity, but it is not severe enough to qualify him for the disability tax credit. However, he is able to attend college on a full-time basis for 8 months during 2020. John pays his tuition fees of $9,400, as well as $720 for the textbooks that he requires in his program. The son has Net Income For Tax Purposes of $8,350. The son agrees to transfer the maximum of his tuition fee amount to Vincent Vincent installed walking bars to make their home more accessible for his son which cost $500. The son decided he would pay for the walking bars as they were for his benefit. There were no other medical expenses for the family. Required: Calculate the minimum 2020 federal Tax Payable for Vincent. Indicate any carry forwards available to him and his dependant, if any. Paragraph BIU