Angel Ramos received the following income in 2020: Employment income Non-eligible dividends Sale of capital assets: Shares in İMZ Co. (public corporation) Shares in BAR Co. (public corporation) Shares in TŘI Inc. to arm's- $ 2,000 $ 7,500 length party (small business corporation) Stamp set Personal electronic system $ 3,000 $ 1,000 Coin set Determine Angel's net income for tax purposes for 2020 in accordance with the aggregating formula of Section 3 of the Income Tax Act. (CPP for enhanced contribution = $166.) $ 75,000 $ 5,000 ProceedsACB $ 20,000$ 12,000 $ 3,000 $ 10,000 $ 1,500 $ 2,500 $ 4,000 $ 800

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.