The following selected information has been taken from the records of Sharp Ltd., a Canadian-controlled private corporation, for its fiscal year ended December 31, 2012.
(1) Income for tax purposes:
Active business income (retailing) ..................................................... $100,000
Foreign business income (retailing) ...................................................... 60,000
Canadian bond interest ..................................................................... 20,000
Foreign bond interest ....................................................................... 10,000
Taxable dividends received from taxable Canadian corporations .................... 40,000
Taxable capital gains ........................................................................ 30,000
Net income under Division B ........................................................... $260,000
(2) Division C deductions claimed:
Donations .................................................................................... (2,000)
Net capital losses ............................................................................ (5,000)
Non-capital losses ......................................................................... (13,000)
Taxable dividends received from taxable Canadian corporations .................. (40,000)
(3) Taxable income ........................................................................... $200,000
(4) Part I tax payable is $16,267 including additional refundable tax of $3,667. In computing Part I tax, the following deductions were made:
Small business deduction ................................................................... $17,000
Foreign non-business tax deduction .......................................................... 1,500
Foreign business tax deduction .............................................................. 18,000
(5) Summary of taxable dividends received from taxable Canadian corporations:

(6) Summary of dividends paid by Sharp Ltd.:
(7) The refundable dividend tax on hand balance at December 31, 2011 was $12,000. The dividend refund for 2011 was $4,000.
REQUIRED
(A) Compute the dividend refund for 2012.
(B) What would change if Sharp Ltd. was a private corporation, and not a CCPC? Explain.
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%of voting shares ouned Amount of dividend received Dividend refund received by payer corp $30,000 Payer Date received Aug. 1, 2011A Ltd. Oct. 1, 201l. B Ltd. 6% 80% $20,000 20,000 $40,000 5,000