A CCPC was incorporated on 1 Jan 2020. For its first year ended, 31 Dec 2020, this
Question:
A CCPC was incorporated on 1 Jan 2020. For its first year ended, 31 Dec 2020, this CCPC earns $15657 income from interest, $45924 income from capital gains and $!6197 income from eligible dividends from portfolio investments (the eligible dividends are received from corporations whom the CCPC owns less than 5% of the shares outstanding). The corporation has no other income, deductions, and does not make any dividend payments for the year ended 31 Dec 2020. What is ERDTOH for 1 Jan 2021?
An individual earns $116705 taxable income from his sole proprietorship in calendar year 2020. He has no other sources of income or deductions. What is his gross tax payable (Federal and Provincial) on this taxable income? Assume 8% of taxable income.
Corp is a CCPC. During the current year, the corporation earned interest income of $568490. The corporation did not earn any other income and did not have any expenses eligible for tax deductions. The provincial tax rate in the corporations province is 3% on income eligible for the SBD and 7% on all other income. What is the amount of tax payable?
