Laura Fallon was born on July 3, 1989, is single, and works as a manager for a manufacturing company in Ontario. The following is contained on Laura’s 2017 T4 slip from her employer:

Employment income  $76,500

Employment Insurance premium         902

Canada Pension Plan contribution      2,403

Registered Pension Plan contribution      6,100

Income Tax paid (deducted by employer)    16,433

 

On November 14, 2017, Laura contributed $3,000 to her RRSP and received a receipt for income tax purposes. In late 2015, she purchased $37,000 worth of Suncor Energy Corporation’s shares which she financed with an investment loan that charged her $1,100 in interest during 2017. During 2017, she also received $1,400 in dividends from her shares. Late in 2017, Laura sold all of her shares for proceeds of $46,000. She also received $250 in interest income from her savings amount of $25,000 in her financial institution.

Prepare Sandra’s 2017 federal income tax return by using MS Excel.

 

Use Basic Personal exemption of $11,500 in Schedule 1. Use tax bracket given by your Instructor separately thru the news forum.

Answer rating: 100% (QA)

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