Mr. Sanchez is employed by a large public corporation and for 2023 his salary was...

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Accounting

Mr. Sanchez is employed by a large public corporation and for 2023 his salary was $
He was a member of the company's pension plan and his contributions were matched by his
employer. He contributed $800.84 to the plan and the amount shown on his T4 slip along with an
entry of $1,601.68 in box 52 representing his pension adjustment. Union dues were deducted of
$1,000.
During 2023, his employer withheld the following amounts from his compensation:
EI Premiums
CPP Contributions
Income Tax Deducted
$1,002.45
$3,754.45
$
He also made RRSP contributions of $200 a month for the year and had enough contribution room.
Last year he had nom-capital losses of $
that he could not use in 2022 and was carry
forward to 2023.
Mr. Sanchez owns 1,000 preferred shares of Iron Works shares, a publicly-traded taxable Canadian
corporation and received four dividend payments of $102 and sold his shares and received
proceeds of disposition of $36 per share and his adjusted cost base for each share was $20. Mr.
Sanchez also received interest payments totaling $365 based on his balance in his savings account
at the same bank and had carrying charges of $95.
Mr. Sanchez is the sole provider for the family and Kia his wife works part time and had a Net
Income of $5,800. They have two young children Lois and Arsenio aged seven and eleven and
paid medical expenses of $2,650 in 2023. He also contributed to various charities in the amount
of $90 and his wife contributed $80 to local charities.
Required:
Determine Mr. Sanchezs Total Income, Net Income, Taxable Income, and the Net Federal Tax owing or refund for 2023 not including Provincial Taxes.
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