Determine KLPC's federal Income tax payable for the 20X9 fiscal year. Determine KLPC's eligible and non-eligible...
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Determine KLPC's federal Income tax payable for the 20X9 fiscal year. Determine KLPC's eligible and non-eligible refundable dividend tax on hand balance at the end of 20X9. Determine KLPC's dividend refund for 20X9 How will Karen's decision to use KLPC for her retirement savings affect the corporation's tax return next year? The practice has been very successud in recent years and his grown to the point where Karen no longer needs to extract all the earnings of the corporation through sal- ary or dividends to pay for her personal living expenses. Karen's plan is to start using the after-tax proceeds inside the corporation to save for her retirement. As a result, several investments were purchased during the year and KLPC now has a split of active and passive come Net Income for tax purposes for the taxation year ending December 31, 2009 has been calculated as follows Professional fees (net of deductible expenses) Taxable capital gains Fligible dividends from Canadian public companics Intered Income Net Income for tax purposes $500,000 32,000 18,000 10,000 356400 Additional information - Interest income includes $6,000 in interest on overdue accounts receivable and $4,000 of interest on Canadian bonds Professional fees Include $80.000 of revenue from Lanctot Painters Ltda CCPC owned entirely by Karen's brother - KLPC made a $15,000 donation during the year to a registered charity providing support to survivors of toxk epidermal necrolysts -Net capital losses and non-capital losses were zero as of January 1, 20x9 . Eigible and non-eligible refundable dividend tax on hand were zero at the end of -The general rate income pool was $100,000 as of January 1, 2009 Adjusted aggregate Investment income for the preceding taxation year was nero KLPC's taxable capital is under $10 million .On December 31, 20X9. KLPC paid a non eligible dividend of $100.000 and captal dividend of $32,000 to Karn Determine KLPC's federal Income tax payable for the 20X9 fiscal year. Determine KLPC's eligible and non-eligible refundable dividend tax on hand balance at the end of 20X9. Determine KLPC's dividend refund for 20X9 How will Karen's decision to use KLPC for her retirement savings affect the corporation's tax return next year? The practice has been very successud in recent years and his grown to the point where Karen no longer needs to extract all the earnings of the corporation through sal- ary or dividends to pay for her personal living expenses. Karen's plan is to start using the after-tax proceeds inside the corporation to save for her retirement. As a result, several investments were purchased during the year and KLPC now has a split of active and passive come Net Income for tax purposes for the taxation year ending December 31, 2009 has been calculated as follows Professional fees (net of deductible expenses) Taxable capital gains Fligible dividends from Canadian public companics Intered Income Net Income for tax purposes $500,000 32,000 18,000 10,000 356400 Additional information - Interest income includes $6,000 in interest on overdue accounts receivable and $4,000 of interest on Canadian bonds Professional fees Include $80.000 of revenue from Lanctot Painters Ltda CCPC owned entirely by Karen's brother - KLPC made a $15,000 donation during the year to a registered charity providing support to survivors of toxk epidermal necrolysts -Net capital losses and non-capital losses were zero as of January 1, 20x9 . Eigible and non-eligible refundable dividend tax on hand were zero at the end of -The general rate income pool was $100,000 as of January 1, 2009 Adjusted aggregate Investment income for the preceding taxation year was nero KLPC's taxable capital is under $10 million .On December 31, 20X9. KLPC paid a non eligible dividend of $100.000 and captal dividend of $32,000 to Karn
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Related Book For
Introduction To Federal Income Taxation In Canada
ISBN: 9781554965021
33rd Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
Posted Date:
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