A Canadian controlled private corporation has a Net income for tax purposes of $478,000 and a Taxable Income of $420,000. All of this income is Active Business Income and is earned in Canada and qualifies for the Small Business Deduction. The provincial tax rate applicable to income-eligible for the small business deduction is 3%. The Small Business deduction rate is 17.5% and General Rate Reduction is 13%. Calculate the corporation's tax payable.  

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Net income for tax purposes 478000 Taxable income 420000 Since both the Net income... View the full answer