Charles Gagnon and Cathy Van are employed by different companies. They earn the same amount of income and share a similar lifestyle. However, each receives a different type of remuneration. Charles earns a total of $100,000, which is paid in the form of a monthly salary. His annual personal expenses (excluding income tax) are shown in Table A. Both Charles and Cathy pay income tax at a rate of 40%. Both invest any savings in an effort to build up a substantial investment portfolio. Required: Page 102 (a) For 2023, compare Cathy's after-tax cash flow with that of Charles, and determine the amount each has available to add to an investment portfolio. (Ignore El and CPP). (b) What amount of salary would Charles have to receive in order to have the same amount of cash available for his investment portfolio as Cathy has
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