Lecture 9 Problem Set Overheads

Lecture 9 Problem Set Overheads - PROBLEM 10A Tax Credit...

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PROBLEM 10A Tax Credit base: Basic – 118(1)(c) 9,600 Spouse 9,600-(5,000+100) – 118(1)(a) 4,500 Canada Pension Plan (assume given) – 118.7 2,049 Employment Insurance (assume given) – 118.7 711 Amanda (infirm) caregiver 4,095 – (6000-13986) – 118(1)(c.1) 4,095 Amanda’s Impairment Credit – 118.3(2) 7,021 Amanda’s tuition, education and textbook credits – 118.9 Lesser of (a) Max 5,000 (b) Tuition fee 300 Edu. 400 * 4 1,600 Texts 65*4 260 2,160 2,160 Joan’s tuition and education credits – 118.9 Joan’s taxable income Employment 4,200 Scholarship 0 Moving exp to univ 0 Moving from univ (150) Net Income and Taxable Inc 4,050 Joan will have no tax to pay since TI < 9,600 Therefore, trf tuition and ed Lesser of (a) Max 5,000 (b) Tuition fee 3000 Edu. 400 * 8 3,200 Texts 65*8 520 6,720 5,000 Employment – 118(10) 1,019 40,231 Tax credit @ 15% 6,035 Dividend tax credit on husband’s dividends 19% of 1.45*4,000 1,102 Total non-refundable tax credits 7,137
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This note was uploaded on 08/10/2010 for the course LAPS 4561 taught by Professor Frankovic during the Summer '10 term at York University.

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Lecture 9 Problem Set Overheads - PROBLEM 10A Tax Credit...

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