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Based on above and assuming that all of the opening and carryforward balances are Snil, compute the following for the CCPC's year ended December 31,
Based on above and assuming that all of the opening and carryforward balances are Snil, compute the following for the CCPC's year ended December 31, 2022: 1. Net Income for Tax Purposes (NITP); 2. Taxable Income; 3. Active Business Income; 4. Aggregate Investment Income; 5. Federal Part I Tax Payable; 6. Federal Part IV Tax Payable; 7. RDTOH Refund; 8. Total Federal Taxes Payable; and 9. Closing / Carryforward Balances-RDTOH, Losses, etc. How would the answer to ' Q1 ' above change under the following independent situations: 1. Department A Business Income is net of Charitable Donations of $100,000; 2. Department B: (i) incurred a loss of $95,000; and (ii) income is $495,000; 3. Non-eligible Dividends from Canadian Corporations only totaled $10,000; 4. CCPC paid: (i) $50,000 in Dividehds; and (ii) $500,000 in Dividends; 5. Opening RDTOH Balance is $10,000; 6. Opening Non-capital Loss Carryforward Balance is: (i) $100K; and (ii) $500K; 7. Opening Net Capital Loss Carryforward Balance is: (i) $5,000; and (ii) $20,000; 8. The CCPC also earned Net Rental Income of $25,000; and 9. Approximately 20% of the Income was not earned in a Canadian Jurisdiction
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