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Calculate federal income tax payable but not provincial income tax payable in this problem. Using a hard copy corporate tax return jacket (first 8 pages)
Calculate federal income tax payable but not provincial income tax payable in this problem. Using a hard copy corporate tax return jacket (first 8 pages) (Canada) (ignore provincial taxes)
You have been asked to: (A) Compute the federal Part I tax and assumed provincial tax at a 4% rate on active business income eligible for the small business deduction and 12% for all other income. Show in detail the calculation of all deductions in the computation, using a separate schedule for each special deduction. For purposes of the small business deduction, assume investment income earned in the prior year is the same as the amount earned in the current year. In calculating the small business deduction list all ineligible items of income, if any, and indicate the amount of the business limit available for the subsidiary. (B) Compute the refundable dividend tax on hand balance as at December 31 2023, showing, inStep by Step Solution
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