Assume the following with respect to the shareholder of a CCPC who is an individual.

- The Corporation's business income for the year is $225,000.

- Any dividends paid are non-eligible dividends.

- The individual's marginal federal tax rate is 29 percent and his marginal provincial tax rate is 16 percent.

- The provincial dividend tax credit on non-eligible dividends is equal to 35 percent of the gross up.

- The combined federal and provincial corporate tax rate on business income is 14.5299 percent.

Required: Indicate, using these assumptions, whether integration is working perfectly. If your answer is no, briefly explain why this is the case.