Kyle, who is employed by a CCPC, had the following sources of income for the year:  Salary $80,000 Dividends from Canadian-resident public corporations (amount received) $20,000 Employee stock option benefit $200,000 Capital gain $200,000 The stock option benefit relates to 50,000 shares that Kyle acquired under an employee stock option plan in January 2023 when the fair market value of the shares was $10 per share. Kyle paid $6 per share for the stock, which was the fair market value of each share at the time that the employee stock options were granted to him. He sold the stock when it was worth $14 per share. Kyles employer withheld $3,754 for CPP and $1,002 for EI. Kyle is married and his wife works full-time, earning a salary of $95,000. Their three children attend university. Each child has transferred the $5,000 maximum amount of tuition credit to Kyle. Based on this information. 

What is Kyles federal Part I tax for the year under the regular rules, ignoring the minimum tax rules? 

Answer rating: 100% (QA)

To calculate Kyles federal Part I tax for the year under the regular rules we need to determine his ... View the full answer