John purchased $3500 of shares in an LsIF in feb. He lives in a province with a 15% tax credit on up to $5000. After purchasing the shares personally, he transfers them to his RRSP as his contribution for the previous year. He has an marginal tax rate of 40%. How much unnecessary income tax did he pay? 

Answer rating: 100% (QA)

To calculate how much unnecessary income tax John paid we can break down the process step by step 1 ... View the full answer