Question

Determine the various federal tax credits the below Taxpayer is entitled to for 2017: Taxpayer received the following sources of income for 2017: Bank Interest $3,500   Net Employment Income $68,000   RRSP Withdrawals $5,000 (Taxpayer is 42 years old) Total Net Income & Taxable Income $76,500 T taxpayer had the following amounts withheld from their employment paycheque: EI $     836 CPP     2,564    Income Tax Withheld at Source $11,000 Registered Pension Plan Contributions $3,400     Life Insurance Premiums $400 Total Withholdings from employment income     $18,200

Taxpayer is divorced and has sole custody of their child (13 years old, in good health, and $1,000 in income).

Taxpayer paid $50 a month for bus passes (Jan - Dec, 2017) totaling $600 for the year.

Taxpayer contributed $1,000 to a Registered Charity during the year. They have made similar contributions in prior years.

Taxpayer contributed $500 to a Registered Federal Political Party in 2017.

Taxpayer incurred $2,000 in fees to register their child in hockey.

Taxpayer incurred $5,000 in eligible medical expenses during the year. Their son incurred $500 in additional eligible medical expenses.

required Compute the federal tax credits the taxpayer is entitled to for 2017. Ensure your answer includes all the required tax forms.

Answer 1