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Brianne is at the federal marginal tax rate (MTR) of 26% for income tax purposes...
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Earnings
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Amount
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Note
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Dividends
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$800
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From three companies for which she received additional company shares because of her dividend re-investment plan (DRIP). The three companies operate only in Canada and pay taxes at regular rates.
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Dividends
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$250 CDN
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Canadian owned company with its sole operations in California on which no foreign taxes were paid.
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Canadian Western Bank Common shares sold
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$25,500 total sales proceeds
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The adjusted cost base (ACB) is $22,000
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Given the gross-up and dividend tax credit rates provided below, the best estimate of the federal income tax expense, based on the above earnings in a single year, is closest to: