Arene has earned income of $74 000 for the year. In addition, she has capital gain income

Question:

Arene has earned income of $74 000 for the year. In addition, she has capital gain income of $6000 from the sale of some stock and $4500 of eligible dividend income that she received from another corporation in which she is a shareholder. Arene lives in Manitoba. Using the information provided in this chapter, calculate her tax payable for the year. Assume that Arene has no other tax deductions or tax credits for the year.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...

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