Personal Tax Scenario Worksheet (Marginal)

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Personal Tax Scenario Worksheet (Marginal) This worksheet projects the tax effects of income, deduction, and tax credit situations, and determines aftertax amounts. Your client s situation: Your client is evaluating competing portfolio options: o 1 Eligible dividends 12,000 (actual amount) o 2 Interest earned 14,000 o 3 Capital gains 13,000 Tax situation o Tax province SK o Tax year Dec 31, 2016 Your client s existing personal tax situation o Employment income 100,000 Subject to CPP Yes Subject to EI Yes o RRSP deduction 22,000 Advise your client of the personal tax effects under each portfolio option, and determine which yields the greatest aftertax return. TTI helps you provide quick and effective tax planning and tax accounting solutions for your clients. www.taxtemplates.ca sales@taxtemplates.ca 18005018159

YouTube example Prepared Andrew May 1, 2016 Personal Tax Scenario Worksheet PDF example Reviewed 2017 Prepared May 1, 2016 Worksheet support Tax rates in effect Top section Updated April 2016 2020+ T1 section T1 details Tax results Eligible dividends Interest Capital gains Scenario 4 Scenario 5 Scenario 6 Gross cash Adjustment Net cash before personal taxes (Federal taxes) (Provincial taxes) (CPP on business income) (EI on business income) (Social benefits repayment) Provincial or territorial credits Adjustment Net cash before CPP & EI (CPP on employment income) (EI on employment income) Net cash Average tax rate 12,000 14,000 13,000 12,000 14,000 13,000 (1,128) (2,949) (1,333) (331) (1,820) (845) 10,541 9,231 10,823 10,541 9,231 10,823 12.16% 34.07% 16.75% Notes and calcs 20160505

YouTube example Prepared Andrew May 1, 2016 Personal Tax Scenario Worksheet PDF example Reviewed 2017 Prepared May 1, 2016 Worksheet support Tax rates in effect Top section Updated April 2016 2020+ T1 section T1 details Existing personal tax calculation Existing personal tax calculation Existing personal tax calculation Name Description Eligible dividends Interest Capital gains Tax province SK SK SK Tax year ending Dec 31, 2016 Dec 31, 2016 Dec 31, 2016 Date of birth Net capital loss carryforwards Existing taxable income Existing taxable income Existing taxable income Employment 100,000 100,000 100,000 CPP Old Age Security Eligible pension Other than eligible dividends Grossup Eligible dividends Grossup Interest and other investment Net capital gains (losses) (Nontaxable portion) Other income Net business income (loss) Total income (loss) 100,000 100,000 100,000 (RRSP deduction) (22,000) (22,000) (22,000) (CPP on business) (Social benefits repayment) Adjustment Net income (loss) 78,000 78,000 78,000 (Non capital losses of other years) (Net capital losses of other years) Adjustment Taxable income (loss) 78,000 78,000 78,000 20160505

YouTube example Prepared Andrew May 1, 2016 Personal Tax Scenario Worksheet PDF example Reviewed 2017 Prepared May 1, 2016 Worksheet support Tax rates in effect Top section Updated April 2016 2020+ T1 section T1 details Existing tax credits for Existing tax credits for Existing tax credits for Carryforwards Carryforwards Carryforwards Charitable donations 2015 or before 75% Charitable donations 2015 or before no limit Charitable donations 2016 or after 75% Charitable donations 2016 or after no limit Tuition and related amounts federal Tuition and related amounts provincial Calculate CPP Yes Yes Yes Calculate EI Yes employment Yes employment Yes employment Claim disability amount Charitable donations 75% Charitable donations no limit Tuition and related amounts federal Other federal credits credit rate Tuition and related amounts provincial Other provincial credits credit rate Other than eligible dividends before rate change Eligible dividends before rate change 20160505

YouTube example Prepared Andrew May 1, 2016 Personal Tax Scenario Worksheet PDF example Reviewed 2017 Prepared May 1, 2016 Worksheet support Tax rates in effect Top section Updated April 2016 2020+ T1 section T1 details Marginal personal tax calculation Marginal personal tax calculation Marginal personal tax calculation Name Description Eligible dividends Interest Capital gains Tax province SK SK SK Tax year ending Dec 31, 2016 Dec 31, 2016 Dec 31, 2016 Date of birth Marginal taxable income Marginal taxable income Marginal taxable income Employment CPP Old Age Security Eligible pension Other than eligible dividends Grossup Eligible dividends 12,000 Grossup 4,560 Interest and other investment 14,000 Net capital gains (losses) 13,000 (Nontaxable portion) (6,500) Other income Net business income (loss) Total income (loss) 16,560 14,000 6,500 (RRSP deduction) (CPP on business) (Social benefits repayment) Adjustment Net income (loss) 16,560 14,000 6,500 (Non capital losses of other years) (Net capital losses of other years) Adjustment Taxable income (loss) 16,560 14,000 6,500 Cash received, before taxes 12,000 Total income, adjusted to cash basis 14,000 Total income, adjusted to cash basis 13,000 Total income, adjusted to cash basis 20160505

YouTube example Prepared Andrew May 1, 2016 Personal Tax Scenario Worksheet PDF example Reviewed 2017 Prepared May 1, 2016 Worksheet support Tax rates in effect Top section Updated April 2016 2020+ T1 section T1 details Marginal tax credits for Marginal tax credits for Marginal tax credits for Charitable donations 75% Charitable donations no limit Other federal credits credit rate Other provincial credits credit rate Other than eligible dividends before rate change Eligible dividends before rate change 20160505

YouTube example Prepared Andrew May 1, 2016 Personal Tax Scenario Worksheet PDF example Reviewed 2017 Prepared May 1, 2016 Worksheet support Tax rates in effect Top section Updated April 2016 2020+ T1 section T1 details Marginal tax details for Marginal tax details for Marginal tax details for Federal Federal Federal Bracket 1 Bracket 2 12,563 20.50% 2,575 12,563 20.50% 2,575 6,500 20.50% 1,333 Bracket 3 3,997 26.00% 1,039 1,437 26.00% 374 Bracket 4 Bracket 5 (Basic personal amount) (Age amount) (CPP credit employment) (CPP credit business) (EI credit employment) (EI credit business) (Canada employment amount) (Pension income amount) (Disability amount self) (Tuition and related amounts) (Other credits credit rate) (Unused credits from existing income) (Donations and gifts) (Dividend credit other) (Dividend credit eligible) (16,560) 15.02% (2,487) Alternative Minimum Tax Adjustment Federal taxes 1,128 2,949 1,333 20160505

YouTube example Prepared Andrew May 1, 2016 Personal Tax Scenario Worksheet PDF example Reviewed 2017 Prepared May 1, 2016 Worksheet support Tax rates in effect Top section Updated April 2016 2020+ T1 section T1 details Marginal tax details for Marginal tax details for Marginal tax details for Provincial Provincial Provincial Bracket 1 Bracket 2 16,560 13.00% 2,153 14,000 13.00% 1,820 6,500 13.00% 845 Bracket 3 Bracket 4 Bracket 5 Bracket 6 (Basic personal amount) (Age amount) (CPP credit employment) (CPP credit business) (EI credit employment) (EI credit business) (Canada employment amount) (Pension income amount) (Disability amount self) (Tuition and related amounts) (Other credits calculated amounts) (Other credits credit rate) (Unused credits from existing income) (Donations and gifts) Alternative Minimum Tax Surtaxes (Dividend credit other) (Dividend credit eligible) (16,560) 11.00% (1,822) (Tax reduction) Health tax Adjustment Provincial taxes 331 1,820 845 20160505

Personal Tax Scenario Worksheet Personal Tax Results Marginal Income Prepared May 1, 2016 16,000 40.00% 14,000 35.00% 12,000 30.00% 10,000 25.00% 8,000 20.00% 6,000 15.00% 4,000 10.00% 2,000 5.00% Eligible dividends Interest Capital gains Scenario 4 Scenario 5 Scenario 6 Net cash before personal taxes 12,000 14,000 13,000 Less: Taxes payable 1,459 4,769 2,178 Net cash 10,541 9,231 10,823 Average tax rate 12.16% 34.07% 16.75% Tax province SK SK SK SK SK SK Tax year ending Dec 31, 2016 Dec 31, 2016 Dec 31, 2016 Dec 31, 2016 Dec 31, 2016 Dec 31, 2016 Existing income 78,000 78,000 78,000 78,000 78,000 78,000 20160505

Personal Tax Scenario Worksheet Taxes Payable Personal Marginal Income Prepared May 1, 2016 6,000 5,000 4,000 3,000 2,000 1,000 Eligible dividends Interest Capital gains Scenario 4 Scenario 5 Scenario 6 Federal taxes 1,128 2,949 1,333 Provincial taxes 331 1,820 845 CPP and EI Social benefits repayment (Provincial or territorial credits) Adjustment Total income taxes + CPP + EI 1,459 4,769 2,178 Tax province SK SK SK SK SK SK Tax year ending Dec 31, 2016 Dec 31, 2016 Dec 31, 2016 Dec 31, 2016 Dec 31, 2016 Dec 31, 2016 20160505

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