Question: During the current year, Norton Tools Ltd. has net taxable capital gains of $45,000, receives dividends from taxable Canadian corporations of $34,000, and earns interest

  1. During the current year, Norton Tools Ltd. has net taxable capital gains of $45,000, receives dividends from taxable Canadian corporations of $34,000, and earns interest income of $41,000. Taxable Income for the year equals $276,000. The small business deductions were $39,900. The Companys additional refundable tax (ART) for the year is equal to: (2 Marks)

a. $ 7,467.

b. $10,667.

c. $ 7,040.

d. $ 9,173.

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