Brent Wells is single and lives alone. During 2021 he earned employment income of $137,000. His employer

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Brent Wells is single and lives alone. During 2021 he earned employment income of $137,000. His employer withheld EI ($890) and CPP ($3,166) contributions of $4,056 (including CPP enhanced contributions of $290) and income tax. He has a portfolio of investments that generated non-eligible dividends from Canadian corporations of $9,000. He donated public company shares worth $1,700 to the Canadian Cancer Society. The adjusted cost base (ACB) of the shares donated was $2,200. Determine Brent’s federal tax payable for 2021. Show all steps and all calculations. You may find this easiest to do in Excel.

Posted Date: Nov 27, 2021 03:02 AM

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Brent Wells is single and lives alone. During 2021 he earned employment income of $137,000. His employer

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Step 1 of 4 A Deductible and Nondeductible The taxpayers personal expenses are usually not d... View the full answer

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