The following information is available for the 2019 year end for Blend Corp Canadian source investment income
Question:
The following information is available for the 2019 year end for Blend Corp
Canadian source investment income $125000
Active business income (no associate companies) $225000
Private company dividend received (not part of Canadian source investment income) $43000
Non eligible dividend refund for 2018 $25000
Taxable non eligible dividend paid in 2019 $55000
Blend corp is a Canadian controlled private corporation with 31 December year end. For 2019, Blend corp has opening balance in its non eligible refundable dividend tax on hand account of $37500. Blend corp has no eligible refundable dividend tax on hand.
Blend corp has aggregated investment income of less than $50000 in the preceding year and the taxable capital employed in Canada in preceding year was less than $10000000.
Required:
- Calculate net income for tax purposes and taxable income for Blend Corp for the year ended December 31, 2019
- Calculate Part I tax payable for blend corp for 2019
- Determine the balance of the non eligible refundable dividend tax on hand for blend corp for the year ended December 31, 2019.
- Determine the non eligible dividend refund for blend corp for 2019
- Calculate federal taxes payable for Blend corp for 2019