Question 1: (10 marks) 710 Wankana Ltd. is a CCPC that uses a December 31 taxation year end. Information relevant to the Company's 2022 taxation year is as follows. 1. Taxable Income is $1,235,000. This was made up of Canadian active business income of $1,172,000, along with foreign business income of $63,000. The jurisdiction in which the foreign business income was earned withheld $12,600 in foreign income tax. 2. Gross revenues were $3,450,000, with $621,000 of this total earned through a PE outside of Canada. Total salaries and wages amounted to $561,000, with $67,320 of this total paid to employees reporting to the PE outside of Canada. 3. Wankana is associated with four companies. Wankana is allocated $100,000 of the annual business limit. The Taxable Capital Employed in Canada (TCEC) for Wankana and the associated companies is $13,477,000 for 2022 and $12,417,000 in 2021. 4- 4. The Adjusted Aggregate Investment Income (AAII), for all the companies that Wankana is associated with, is $150,000 for 2022 and $100,000 in 2021. Required: Calculate Wankana's minimum 2022 federal income tax payable. Assume that Wankana's foreign tax credit is equal to the amount of foreign income taxes paid.

Wankana Ltd, is a CCPC that uses a December 31 taxation year end. Information relevant to the Company's 2022 taxation yearls as follows. 1. Taxable Income is $1,235,000. This was made up of Canadian active business income of 51,172,000, along with foreign business income of $63,000. The jurisdiction in which the forcign business income was eamed withheld $12,600 in foreign income tax. 2. Gross revenues were $3,450,000, with $621,000 of this total eamed through a PE cutside of Canada. Total salaries and wages amounted to $561,000, with $67,320 of this total paid to employees reporting to the PE outside of Canada. 3. Wankana is associated with four companies. Wankana is ollosated $100,000 of the annual business limit. The Taxable Capital Employed in Canada (TCEC) for Wankana and the associated comparies is $13,477,000 for 2022 and $12,417,000 in 2021 . 4. The Adfusted Aggregate investment Income (AAII), for all the companies that Wankana is associated with, is 5150,000 for 2022 and 5100,000 in 2021 . Requiredi Calculate Wankanas minimum 2022 federal income tax payable. Assume that Wankana's foreign tax credit is equal to the amount of foreigy income taxes poid