Mr. Mark Proud owns private shares which, during 2019, paid non-eligible dividends of $10,500. His Taxable Income for this year exceeds $300,000 and he lives in a province where the maximum individual tax rate is 16 percent. The provincial tax credit on non-eligible dividends is equal to 29 percent of the gross up. Determine the total federal and provincial tax that will be payable on these dividends and his after tax retention.

Answer rating: 100% (QA)

Noneligible dividend received 10500 Individual tax rate 16 Provi... View the full answer