ADMS 4561 Lecture Notes - Lecture 12: Pension Credit, Dividend Tax, Withholding Tax
1 Oct 2016
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Dear mr. gray and mr. and mrs. bernard, I have examined the bernards various issues and written up my thoughts on them. I have explained the tax implication and various ways they can go about solving each issue. The tax implications are also explained and what i believe the best option would be. I hope this will help you make the appropriate decision. Eric and irene bernards 2015 income and expenses. Note 1- there seemed to be tax saving while computing the bernards taxes by having eric. Pension income split his eligible pension income of riff annuity income with irene using the election in s. 118(3). The joint election resulted in a transfer of the full 50% amount equaling to. which allowed irene to obtain the pension credit. This gave eric access to 2 pension credits resulting in a tax saving.
