Sachin has always lived in Quebec and is ready to file his personal income tax returns. He feels that he is heavily taxed and has stated that he pays of his earnings in taxes. You believe that this is an exaggeration and will help with his tax calculations below based on the information he has provided.
Information that Sachin has provided:
Gross salary in $
Gross salary in $
Gross salary in $
Bonus in $
Sachin does not participate in a company pension plan
Sachin always makes the maximum RRSP contribution each year on March st
Sachin always makes the maximum TFSA contribution each year on March st
Sachin has annual professional dues of $ that he pays to the Barreau du Qubec professional order of lawyers
Canadian eligible dividends of $grossup rate is
Sold Shopify Inc. shares for $share in November bought shares in Shopify when they were at $share
Had a capital loss of $ from a previous year that he hoped to apply against his capital gain
a In calculating Sachins personal income tax returns, what is his Total Income? b In calculating Sachins personal income tax returns, what is his Taxable Income? d What is Sachins average tax rate for e What is Sachins marginal tax rate for f What if Sachin earned a special performance award of $ in what would be the taxes payable on this cash award?