Question: Please show step by step solution for all calculations. Trailblazer Inc., a public company, has its headquarters in Toronto, Ontario. The corporation carries on business
Please show step by step solution for all calculations.
Trailblazer Inc., a public company, has its headquarters in Toronto, Ontario. The
corporation carries on business in permanent establishments in Ontario and Nova Scotia.
The following information was reported for the year ended December :
Income from business operations in Ontario $
Income from business operations in Nova Scotia
Canadian source interest income
Taxable capital gain
Taxable dividends from taxable Canadian corporations
The company deducted $ for SR & ED expenses from its income from business operations in Ontario. No SR&ED expenses are expected in
In the company made charitable donations of $ The company has $ on noncapital losses being carried forward from and net capital losses being carried forward from of $
Required:
Calculate net income for tax purposes under Division B
Calculate taxable income for federal tax purposes
Calculate federal Part I tax payable.
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