Laine Ltd. is a Canadian-controlled private corporation. Its non-eligible refundable dividend tax on hand (NERDTOH) account at December 31, 2021 was $35,000. For its 2022 taxation year, its refundable portion of Part I tax was $29,000. The corporation received no dividends in 2022. It paid (non-eligible) taxable dividends of $60,000 in 2021.

Calculate the balance in Laine Ltd.’s (NERDTOH) account at December 31, 2022.

Question:

During the 2022 taxation year, Fashions Inc has the following income:

Taxable capital gains $45,000

Allowable capital losses 42,000

Taxable Dividends 25,000

Foreign source property income 3,000

Calculate the total aggregate investment income.

Answer rating: 100% (QA)

Solution To calculate the balance in Laine Ltds NERDTOH account at Decem... View the full answer