Gold Corp., a Canadian public corporation, carries on business in Canada. For the current year, Gold Corp. has manufacturing and processing profits (M&P) of $300,000, calculated in accordance with prescribed rules. Gold Corp. has total taxable income of $1,000,000.
Determine the federal tax payable for the current year, assuming the maximum Manufacturing and Processing deduction is claimed. Income tax reference: ITA 123(1), 124(1), 123.4(2), 125.1.