G Ltd., a Canadian private corporation, owns 40% of the voting shares of X Ltd., a...
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G Ltd., a Canadian private corporation, owns 40% of the voting shares of X Ltd., a Canadian private corporation. In the current year X paid a dividend of $60,000 and received a dividend refund from its RDTOH account of $20,000. In addition, G received dividends of $5,000 from various Canadian public corporations. Determine G's refundable Part IV tax. 9,917 + 1.05 X Ltd. has net income for tax purposes of $120,000 and taxable income of S90,000. The net income includes $8,000 of taxable Canadian dividends, $7,000 taxable capital gains, and $9,000 interest income. X Ltd. and Y Ltd. are associated and Y claimed the small business deduction on $210,000 of active business income. Determine X's small business deduction. 15,750 + 5% G Ltd., a Canadian private corporation, owns 40% of the voting shares of X Ltd., a Canadian private corporation. In the current year X paid a dividend of $60,000 and received a dividend refund from its RDTOH account of $20,000. In addition, G received dividends of $5,000 from various Canadian public corporations. Determine G's refundable Part IV tax. 9,917 + 1.05 X Ltd. has net income for tax purposes of $120,000 and taxable income of S90,000. The net income includes $8,000 of taxable Canadian dividends, $7,000 taxable capital gains, and $9,000 interest income. X Ltd. and Y Ltd. are associated and Y claimed the small business deduction on $210,000 of active business income. Determine X's small business deduction. 15,750 + 5%
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Related Book For
Canadian Income Taxation planning and decision making
ISBN: 9781259094330
17th edition 2014-2015 version
Authors: Joan Kitunen, William Buckwold
Posted Date:
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