You are an individual in Canada. During 2023, you donated $1,200 to the Toronto Humane Society (a registered Canadian charity) and you spent $3,235 on prescription eyeglasses, because sitting in front of your laptop day after day made your vision worse (unfortunately). Calculate the Federal tax credit for donations and medical expenses that you will be able to claim for the year, under three scenarios: 1) Assume that your income for the year is $1,000,000 2) Assume that your income for the year is $235,675 2) Assume that your income for the year is $67,833.

Answer rating: 100% (QA)

To calculate the federal tax credit for donations and medical expenses we need to consider the specific rules and limits set by the Canada Revenue Age... View the full answer