Adele, Brad, Carson and Dilo are siblings. Elsa and Flad are siblings and are the cousins of Adele, Brad, Carson and Dilo.
Flad owns 40% of the shares of Vancouver Ltd. The remaining shares of Vancouver Ltd. are equally owned by Adele and Brad. VC Ltd. has only issued common shares.
Flad owns 20% of the shares of Calgary Ltd. Brad owns 30% of the shares of Calgary Ltd. The remaining shares of Calgary Ltd. are equally owned by Carson and Dilo. Calgary Ltd. has only issued common shares.
Calgary Ltd. carries on an active business. Vancouver Ltd. made a $20,000 interest bearing loan to Calgary Ltd. during the year. Vancouver Ltd. has some excessive cash and has invested in shares of a Canadian public company. It is expecting to generate $80,000 of dividend income for its 2022 taxation year from this investment.

Required:
A. Discuss whether Vancouver Ltd. and Calgary Ltd. are associated. For part B. and C., assume Vancouver Ltd. and Calgary Ltd. are associated.
B. Discuss the tax implications related to the $20,000 interest bearing loan made by Vancouver  Ltd. to Calgary Ltd.
C. Determine the tax implications in 2022 and 2023 related to the $80,000 of dividend income Vancouver Ltd. is expecting to generate from its investment in the Canadian public  company.