CCPC Taxes

ABC is a CCPC (Canadian-controlled private corp.) located in Ontario. ABCs income for tax purposes (Division B) for December 31, 2023, was calculated correctly, see below:

The following information is also relevant to ABC:

Charitable donations paid $15,000

Dividends paid in 2023 (non-eligible) $34,000

The following balances were also provided:

Charitable donation carryforward $1,100

Non-capital losses from previous years $77,000

Net capital losses from previous years (2013) $16,500

Eligible RDTOH Dec 31, 2022, $0

Non-eligible RDTOH Dec 31, 2022, $4,500

GRIP balance Dec 31, 2022, $0

Assume a provincial tax rate of is 3% on ABI below the business limit and 12% on high-rate income

The full business limit is allocated to ABC

REQUIRED:

A. Calculate the total taxes payable (federal Part 1 and provincial)

B. Calculate the Part IV taxes payable

C. Calculate the Refundable Portion of Part 1 tax

D. Calculate the RDTOH balances at the end of December 31, 2023

E. Calculate the dividend refund for FitCo for 2023

BEFORE YOU BEGIN, YOU WILL WANT TO ORGANIZE THE INCOME IN THE CHART AND CLASSIFY THE INCOME AS ABI, INVESTMENT (PROPERTY + NET TCGS) AND DIVIDENDS (SHOW THE DIVIDENDS SEPARATELY FROM INVESTMENT).

Show all Excel Work and Calculations.