Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Broadway Inc. is a CCPC, that is not associated with any other corporations and which has a December 31 year end. The following amounts have

Broadway Inc. is a CCPC, that is not associated with any other corporations and which has a December 31 year end. The following amounts have been correctly determined for 2023 for Broadway: Active business income $625,000 Aggregate investment income 95,000 Net income for tax purposes 720,000 Charitable donations (10,500) Taxable income $709,500 Applicable tax rates are as follows: Basic federal rate 38% Federal abatement 10% General rate reduction 13% Small business deduction 19% Additional refundable tax (ART) 10 2/3% Provincial taxes have been correctly determined as $61,285. AAII of the preceding year was less than $50,000 and taxable capital employed in Canada in the preceding year was less than $10,000,000. 


What is the amount of income tax legally payable for Broadway for the current year?  

Step by Step Solution

There are 3 Steps involved in it

Step: 1

To calculate the amount of income tax legally payable for Broadway Inc we need to follow these steps ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Federal Income Taxation In Canada

Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett

33rd Edition

1554965020, 978-1554965021

More Books

Students also viewed these Accounting questions

Question

Explain the difference between management and leadership. P-369

Answered: 1 week ago