Sally Juarez is retired and lives in Mexico, but virtually all of her investment assets, and her income, are Canadian. In 2008, Sally realized the following income (all Canadian except as identified):
Dividends on shares in Public Co Ltd.......................$5,000
Interest on deposit in bank.................................... 8,000
Gain on sale of raw land (assume business income)......60,000
Gain on sale of Public Co Ltd. shares.......................15,000
Gain on sale of real estate.................................... 30,000
Share of income from business partnership................ 7,000
Mexican pension income..................................... 20,000
Sally has paid $7,500 in Canadian withholding tax on the property gains.
REQUIRED
Calculate Sally's taxable income earned in Canada and tax owing (refund). Identify any other Canadian tax requirements. Assume any business income was earned in a province where the personal tax rates are the hypothetical rates shown in ¶10,130 of Chapter 10. Ignore any CPP/QPP implications.