During 2020, Ms. Daisy Schoales receives $41,750 in eligible dividends from Canadian public corporations. Her...
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Accounting
During 2020, Ms. Daisy Schoales receives $41,750 in eligible dividends from Canadian public corporations. Her income is such that this additional amount will be taxed at a 27 percent federal rate and a 13 percent provincial rate.
On eligible dividends, the province has a dividend tax credit equal to 24 percent of the gross up. Determine the total federal and provincial tax that will be payable on these
dividends and her after tax retention.
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