Mr Sanchez is employed by a large public corporation and for his salary was $
He was a member of the company's pension plan and his contributions were matched by his
employer. He contributed $ to the plan and the amount shown on his T slip along with an
entry of $ in box representing his pension adjustment. Union dues were deducted of
$
During his employer withheld the following amounts from his compensation:
EI Premiums
CPP Contributions
Income Tax Deducted
$
$
$
He also made RRSP contributions of $ a month for the year and had enough contribution room.
Last year he had nomcapital losses of $
that he could not use in and was carry
forward to
Mr Sanchez owns preferred shares of Iron Works shares, a publiclytraded taxable Canadian
corporation and received four dividend payments of $ and sold his shares and received
proceeds of disposition of $ per share and his adjusted cost base for each share was $ Mr
Sanchez also received interest payments totaling $ based on his balance in his savings account
at the same bank and had carrying charges of $
Mr Sanchez is the sole provider for the family and Kia his wife works part time and had a Net
Income of $ They have two young children Lois and Arsenio aged seven and eleven and
paid medical expenses of $ in He also contributed to various charities in the amount
of $ and his wife contributed $ to local charities.
Required:
Determine Mr Sanchezs Total Income, Net Income, Taxable Income, and the Net Federal Tax owing or refund for not including Provincial Taxes.