Question: A Quebec resident earned $ 4 0 , 0 0 0 in interest income and $ 6 0 , 0 0 0 in eligible dividends.

A Quebec resident earned $40,000 in interest income and $60,000 in eligible dividends. Calculate the total tax paid.
Combinedmarginaltaxratesforindividualsintopprovincialtaxbrackets
Provinces/Territories Interest and Regular Income (%) Capital Gains (%) Eligible Dividends (%) Non-eligible Dividends (%)
British Columbia 45.8022.9028.6837.98
Alberta 39.0019.5019.2929.36
Saskatchewan 44.0022.0024.8134.91
Manitoba 46.4023.2032.2740.77
Ontario 49.5324.7733.8240.13
Quebec 49.9724.9935.2239.79
New Brunswick 46.8423.4227.3536.02
Nova Scotia 50.0025.0036.0639.07
Prince Edward Island 47.3723.6928.7138.74
Newfoundland and Labrador 42.3021.1530.2032.08A Quebec resident earned $40,000 in interest income and $60,000 in eligible dividends. Calculate the total tax paid.
Combinedmarginaltaxratesforindividualsintopprovincialtaxbrackets
Provinces/Territories Interest and Regular Income (%) Capital Gains (%) Eligible Dividends (%) Non-eligible Dividends (%)
British Columbia 45.8022.9028.6837.98
Alberta 39.0019.5019.2929.36
Saskatchewan 44.0022.0024.8134.91
Manitoba 46.4023.2032.2740.77
Ontario 49.5324.7733.8240.13
Quebec 49.9724.9935.2239.79
New Brunswick 46.8423.4227.3536.02
Nova Scotia 50.0025.0036.0639.07
Prince Edward Island 47.3723.6928.7138.74
Newfoundland and Labrador 42.3021.1530.2032.08

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!