TV Ltd has Part I tax payable for the current year of $68,133 TV Ltd had a balance in its refundable dividend tax on hand (RDTOH) account at the end of the previous year of $27,000 TV Ltd calculated a dividend refund of $6,000 for the previous year, based on dividends paid in the previous year Using the information provided in Question Eight, determine TV Ltd s RDTOH balance at the end of the current year Income tax reference ITA 129(3), 186(1)

Question: TV Ltd. has Part I tax payable for the current year of $68,133. TV Ltd. had a balance in its refundable dividend tax on hand

TV Ltd. has Part I tax payable for the current year of $68,133. TV Ltd. had a balance in its refundable tax on hand (RDTOH) account at the end of the previous year of $27,000. TV Ltd. calculated a refund of $6,000 for the previous year, based on dividends paid in the previous year. Using the information provided in Question Eight, determine TV Ltd.’s RDTOH balance at the end of the current year. Income tax reference: ITA 129(3), 186(1).

Step by Step Solution

★★★★★

3.56 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

ITA 1293c RDTOH at end of previous year 27000 1293d Dividend refund for previous year 6000 21000 129... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

691-L-B-L-I-T-E (944).docx

120 KBs Word File

Students Have Also Explored These Related Business Law Questions!

Angelina has taxable income of $130,000 for the current year, including $120,000 of employment income. She is not married and lives alone. Angelinas employer withheld CPP and EI premiums of $3,340 as...

Mr. Senior turned 65 in the current year and received pension income from the following sources: Mr. Senior had no other income for the year. His wife, age 66, had net income of $6,000 (OAS and...

The accountant, Ryan Mailling, of Double-D Retailing Ltd. (DRL), a Canadian-controlled private corporation, has requested your assistance with respect to the calculation of the company's Part I tax...

Epic Inc. is a Canadian controlled private corporation with a December 31 year end. The following information is available for the year ending December 31, 2019. 1. The Company had Canadian source...

Question 2 Landor Ltd . is a CCPC with a calendar - based taxation year ending December 3 1 . The company's 2 0 2 4 net income is $ 2 2 3 , 5 0 0 the component of which are as follows: Canadian...

The following information relates to RAS Limited for the 2020 taxation year: Taxable income $750,000 Small business deduction 76,000 Part I tax payable 102,500 Net taxable capital gains on active...

City Infrastructure Holdings Ltd (CIH) and Network Maintenance Services Ltd (NMS) City Infrastructure Holdings Ltd (CIH) acquired 100% of the 300,000 issued shares in Network Maintenance Services...

A1.2abc Wilems (APs) are avalable to instructors only. AP 13-1 (Integration Example) Assume the following with respect to an individual shareholder of a wholly owned CCPC: - The corporation's only...

alley Ltd. is a CCPC involved in the distribution of domestically produced laser products. For the taxation year ending December 31, 2022, its net income was made up of the following components....

(Part I And Part IV Refundable Taxes, GRIP) Radco Inc. is a Canadian controlled private corporation with a December 31 year end. The various components of its Net Income For Tax Purposes are as...

Write an SQL command to display the order number, customer number, order date, and items ordered for some particular customer.

Differentiate the following terms/concepts: a. Style peer groups and style investing b. Style tilting and style rotation c. Financial soundness and financial statements d. Univariate and multivariate...

Using his own money Gordon purchased real estate for $ 1 , 1 0 0 , 0 0 0 and listed title to the property as Gordon and Barbara, joint tenants with right of survivorship. Gordon predeceases Barbara...

6.8 The following data show the percentages of firms using computers in different aspects of their business: Firm size Computers used in Total numbers of firms Admin. Design Manufacture Small 60% 24%...

Kristen, the regional manager for a national hardware chain, is based in Atlanta. During March and April of the current year, she replaces the district manager in Jackson (Mississippi) temporarily....

During the year, Brenda has the following expenses related to her employment. Airfare ............................................................................... $8,500 Meals...

Smoky Mountain Corporation makes two types of hiking boots-the Xtreme and the Pathfinder. Data concerning these two product lines appear below: The company has a traditional costing system in which...

For the program below, trace through its execution by hand to show what output is produced when it runs. * File: Halloween, java *This program is just testing your understanding of parameter passing....

2 points A money machine will generate annual cash inflows of $29,241 per year. The first inflow will occur years from today and they will continue each year thereafter. If the machine costs $428,162...