P Ltd. is a Canadian controlled private corporation that operates a chain of fast-food restaurants. In its
Fantastic news! We've Found the answer you've been seeking!
Question:
P Ltd. is a Canadian controlled private corporation that operates a chain of fast-food restaurants. In its most recent fiscal year, the Company had the following financial results:
Active business income eligible for the small business deduction = $150,000,
Taxable capital gains =Nil,
Foreign investment income =55,000,
Investment income earned in Canada=45,000,
Net Income for Tax Purposes =$250,000,
Taxable Income =$210,000,
The Company paid no foreign taxes on its foreign investment income. P Ltd. is not associated with any other corporations. Which one of the following amounts represents the refundable portion of Part I tax?
a) $14,800.
b) $16,700.
c) $12,268.
d) $46,667.
Expert Answer:
Posted Date:
