Apple Inc. is a CCPC with a net income for tax purposes to be $652,000 for the year ended December 31, 2019. The following additional information is available:

Non-capital loss carry forward $40,000

Eligible portfolio dividends 25,000

Interest income (Canadian) on long-term investments10,000

Accounting gain on disposal of assets 65,000

Taxable capital gain on disposal of assets—

Non-eligible refundable dividend ta on hand(NERDOTH) balance 2500

Eligible refundable dividend tax on hand (ERDOTH) balance 0

Prior year dividend refund from non-eligible dividend payment 2,000

Dividend from wholly owned subsidiary 50,000 dividend refund received by the wholly owned subsidiary from NERDOTH account 4,000 share of annual business limit used by wholly owned subsidiary 200,000 non-eligible dividend paid to shareholders during year 60,000.

a). What is the active business income? 

b). aggregate investment income? refundable portion of Part I tax?

Answer rating: 100% (QA)

a 652000 40000 25000 10000 650... View the full answer