Stuart Planter Is a Full-Time Teacher, and Lives in the Country

Stuart Planter is a full-time teacher, and lives in the country with his family. Stuart farms on a part-ti Stuart earned $85,000 in 20x6 at his full-time teaching job. During 20x6 he also incurred farm expen totaling $12,000 and farm revenues totaling $8,000.
Stuart has asked you to help him prepare his 20x6 tax return for the year, and provides you with the f additional information:
· Net capital losses from 20x5 totaled $10,000, and non-capital losses from 20x5 totaled $2,000.
· Stuart had the following amounts deducted from his pay during the year: CPP and EI of $3,400; an tax of $19,000.
· Stuart contributed $5,000 to his TFSA, and $15,000 to a guaranteed investment certificate (GIC)w pays 4% annual interest. His first interest receipt for the GIC will be on June 30th of 20x7.
· Stuart received a $1,000 non-eligible dividend in 20x6.
· Stuart's wife works full-time and earns $68,000 a year.
· Stuart had extensive dental work done in 20x6. The total cost was $7,500 and Stuart did not receive reimbursement for the cost.
Required:
A)Calculate Stuart's net income for tax purposes for 20x6 in accordance with Section 3 of the Incom
Act.
B)Calculate Stuart's taxable income for 20x6.
Calculate Stuart's minimum federal tax liability for 20x6. (Round all numbers to zero decimal places
B)Explain why any items have been omitted.