Testarks Limited is a CCPC that earns $$700,000$ in taxable income in $2014.$ All of the income comes from their operations in Nova Scotia. $$600,000$ is from active operations, and $$100,000$ is interest on long term investments.

Calculate their taxes owing assuming that no corporations are associated with them and the provincial tax rate is $10\%$ on all forms of income. $$

$($ensure you use the long form method $-$ including showing the small business deduction, generate rate reduction, etc. if relevant$).$ 

Answer rating: 100% (QA)

To calculate the taxes owing for Testarks Limited in 2014 we need to consider the federal tax rate a... View the full answer