An employe in newfound land and Labrador was paid $8,000.00 retiring allowance. The eligible portion was $6,000.00 and was transferred to the employees registered retirement savings plan by the employer.

Calculate the income tax on the non-eligible portion which was paid to the employee.

Answer rating: 100% (QA)

SOLUTION To calculate the income tax on the noneligible portion of the retiring allowance we first n... View the full answer