Antoine Jimbo is 68 years old and his wife of many years, Barbara Jimbo, is 70...

  

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Antoine Jimbo is 68 years old and his wife of many years, Barbara Jimbo, is 70 years old. They are both retired and, other than the aches and pains that go with advancing years, they are both in good health. They have no deductions to be used in the determination of Taxable Income and their respective incomes for the 2019 taxation year are as follows: OAS Payments Canada Pension Plan Receipts RPP Receipts Interest NIFTP And Taxable Income Antoine $7,400 11,000 52,000 2,000 $72.400 Barbara $7,400 3,000 Nil 500 $10,900 The only tax credits that are available to Antoine and Barbara are the following: basic personal spousal age pension income Required: Prepare a memo indicating the following: Canada Pension Plan Receipts RPP Receipts Interest NIFTP And Taxable Income 11,000 52,000 2,000 $72,400 3,000 Nil 500 $10,900 The only tax credits that are available to Antoine and Barbara are the following: basic personal spousal age pension income Required: Prepare a memo indicating the following: • Federal Tax Payable for both Barbara and Antoine assuming no pension income splitting provisions. (10 marks) Federal Tax Payable for both Barbara and Antoine assuming maximum use of the pension income splitting provisions. (10 marks) Note, you may submit your answer via the textbox provided below OR upload your handwritten work with the link provided in this specific question (maximum 3 pages jpg/.pdf acceptable) time: 40 minutes Antoine Jimbo is 68 years old and his wife of many years, Barbara Jimbo, is 70 years old. They are both retired and, other than the aches and pains that go with advancing years, they are both in good health. They have no deductions to be used in the determination of Taxable Income and their respective incomes for the 2019 taxation year are as follows: OAS Payments Canada Pension Plan Receipts RPP Receipts Interest NIFTP And Taxable Income Antoine $7,400 11,000 52,000 2,000 $72.400 Barbara $7,400 3,000 Nil 500 $10,900 The only tax credits that are available to Antoine and Barbara are the following: basic personal spousal age pension income Required: Prepare a memo indicating the following: Canada Pension Plan Receipts RPP Receipts Interest NIFTP And Taxable Income 11,000 52,000 2,000 $72,400 3,000 Nil 500 $10,900 The only tax credits that are available to Antoine and Barbara are the following: basic personal spousal age pension income Required: Prepare a memo indicating the following: • Federal Tax Payable for both Barbara and Antoine assuming no pension income splitting provisions. (10 marks) Federal Tax Payable for both Barbara and Antoine assuming maximum use of the pension income splitting provisions. (10 marks) Note, you may submit your answer via the textbox provided below OR upload your handwritten work with the link provided in this specific question (maximum 3 pages jpg/.pdf acceptable) time: 40 minutes

Answer rating: 100% (QA)

MEMO TO Jimbo Family FROM Tax Administrator RE Calculating Tax Payable with and without Pension Income Splitting This memorandum is to provide information regarding the base and maximal tax liabilitie... View the full answer