During 2023, Ms. Ashley Riley receives $3000 in non eligible dividends from taxable Canadian corporations. Her income is such that all additional amounts will be taxed at a 29 percent federal rate and a 15 percent provincial rate. Her provincial dividend tax credit for non eligible dividends is equal to 31 percent of the gross up. What is the total federal and provincial tax that will be payable on these dividends (after considering the dividend tax credits)?

Answer rating: 100% (QA)

The taxable dividends are calculated by grossing up the non eligible dividends by a certain perce... View the full answer