ABC Ltd., a Canadian-Controlled Private Corporation located in Edmonton, Alberta provides products and services to the oil field industry

The following selected information has been taken from the tax records of ABC Ltd. for its fiscal year ended December 31, 2021:

Net Income for tax purposes $701,628

The income includes $48,000 in portfolio dividends received from taxable Canadian corporations and Taxable capital gains of $10,000. Also, includes charitable donation of $5,500, interest revenue $105,000

During the year the company declares and pays a $97,000 dividend. On December 31, 2020, the Refundable Dividend Tax On Hand (RDTOH) account balance was $200,000.

ABC has a net capital loss carried over $22,000 and a non-capital loss carryover of $11,250.

ABC ltd. is associated with another 3 corporations; therefore, they agree to share the annual SBD business limit (25% each).

Note: ABI calculated $ 277,360.

Required:

Calculate the net Federal Tax Payable for ABC corp for the year ending on Dec 31, 2021. (Hint: You need to calculate Part I tax payable, Part IV tax payable, dividend refund; Please see the steps sheet. You need to start with Step 2: Calculate Taxable Income)