Brent is unmarried and lives alone. During the current year he earned employment income of $140,000. His employer withheld CPP and EI premiums of $3,340 as well as income tax. He has a portfolio of investments that generated eligible dividends from Canadian corporations of $10,000. He donated public company shares worth $1,000 to the Canadian Cancer Society. The adjusted cost base (ACB) of the shares donated was $400.
Determine Brent’s federal tax payable for the current year. Income tax reference: ITA 38(a.1), 117(2), 117.1(1), 118(1)(c), 18.01(5), 118.1(3), 118.7, 121.