Compute Jack net income and taxable income

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Reference no: EM132805879

Question - Canadian Income Tax

Jack and Rebecca are 80 and 81 years old, respectively. They are both retired. Jack and Rebecca's incomes are summarized below.

	Jack	Rebecca
Company pension plan	$59,940	n/a
RRIF withdrawals	2,302	1,780
Canada Pension Plan	6,175	6,175
Old Age Security	7,278	7,278

Jack and Rebecca made charitable donations during 2020 totalling $1,970.

Required - Compute Jack's 2020 net income and taxable income (hint: these are the same number) and taxes payable, assuming that he does NOT elect to split his pension income.

Reference no: EM132805879

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