Financial Homework

Use the CRA forms (T1 and necessary schedules) to answer the question. You

need to navigate your way to locate the forms:

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http://www.cra-arc.gc.ca/menu-eng.html

[Note that navigating the CRA web site to identify and locate the necessary

forms is part of the learning objective of this assignment so, please, don’t

come asking the instructor to find the forms for you].

Calculate the Federal tax payable for the year 2017 for Mrs. Smith, given the

following information:

Employment income: $162,500

Actual dividends: $5,600 (these are “eligible dividends”)

Employee CPP contribution: $ 920

EI premium: $730

Registered Pension Plan Contribution: $6,800

Union dues: $640

RRSP contribution: $7,850

Prize from winning the lottery: $50,600

Life Insurance benefit payment received: $125,000

Interest income: $14,000

Tuition fees: $6,260 (was in school full time from January to April and parttime

from May to August)

Charitable donations: $7,250

Federal income tax already deducted (withheld): $21,800

(Assume no more CPP contribution is required.)

You need to submit the filled T1 and all relevant Schedules as part of your answer. Just submitting the final numbers is not complete and will have a very negative impact on your grade.

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