Kendra disposed of shares of A Ltd., a qualified small business corporation (QSBC), in the current year realizing a taxable capital gain of $350,000. She has net capital losses from last year of $10,000 which she wants to claim in the current year. Her cumulative net investment loss (CNIL) account at the end of the year is $3,000. Kendra claimed an allowable business investment loss (ABIL) of $12,000 on her previous year’s tax return. She incurred a taxable capital gain of $75,000 on QSBC shares four years ago and claimed an equivalent capital gains deduction.
Determine the capital gains deduction claimable by Kendra in the current year. Income tax reference: ITA 110.6(1), (2), (2.1).