Ready Ltd is a Canadian-controlled private corporation operating a retail business in Ontario. Ready Ltd is not associated with any other corporation and its taxable capital is under $10,000,000. For its current year ended, its records showed the following amounts:

Ready Ltd. has not paid any dividends in the last few years. Ready Ltd. had a general rate income pool (GRIP) account balance of $50,000 at the end of the previous year.
Determine the GRIP account balance at the end of the current year. Income tax reference: ITA 89(1) €“ definition of GRIP.

Income from retail business Interest income Eligible dividend received from a Canadian company Net income Dividend Taxable income S600,000 10,000 40.000 650,000 (40,000)