Mr. Senior turned 65 in the current year and received pension income from the following sources: Mr.
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Mr. Senior had no other income for the year. His wife, age 66, had net income of $6,000 (OAS and interest income) in the current year. Income tax reference: ITA 56(1)(a.2), 60(c), 60.03, 117(2), 117.1(1), 118(1)(a), 118(2),(3), 118.8.
Determine Mr. Seniors federal tax payable for the current year assuming
(i) He does not elect to split his pension income.
(ii) He elects to split his pension income.
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Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
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