Investco Ltd., a private corporation, received dividend income from taxable Canadian corporations during its year ended December

Question:

Investco Ltd., a private corporation, received income from taxable Canadian corporations during its year ended December 31, 20X6, as follows:
Portfolio dividends from public corporations …………………….$60,000
Dividends from Subsidiary ……………………………………..........…… 30,000
………………………………………………………………...........................……$90,000
Investco Ltd. owns 80% of the issued shares of Subsidiary. Subsidiary’s refund for its year ended December 31, 20X6 was $4,000.

Required:
Calculate the Part IV tax payable by Investco Ltd. for its year ended December 31, 20X6. Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...