Jane Doe has always lived in Quebec and just graduated from Universite de Montreal in December 2022
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Question:
Jane Doe has always lived in Quebec and just graduated from Universite de Montreal in December 2022 and started her full-time employment as of January 1, 2023. Prior to this, she only held part-time jobs as an intern.
Facts for 2023 for Barb:
- Gross annual salary of $71,000
- Interest income of $500
- Unused tuition carry over from 2022: $7,000
- Made Registered Retirement Savings Plan (RRSP) contribution of $3,000
- Registered Retirement Savings Plan (RRSP) contribution room of $10,000
- Made Tax-Free Savings Account (TFSA) contribution of $2,000
- Tax-Free Savings Account (TFSA) contribution room of $18,500
- Sold 50 shares in Intact Financial at $193 per share on July 10, 2023 (paid a total of $7,700 for 70 shares when she purchased them in 2020)
- Net capital loss from previous years of $400
- Using Table A, calculate Jane Doe's taxes payable (ignore non-refundable tax credits for this problem). (2 marks)
Show Calculations
2. Calculate Jane Doe's average tax rate and marginal tax rate for 2023.
| Tax calculation |
Average tax rate |
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Marginal tax rate |
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Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
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