Dripper Catcher Ltd. is a Canadian-controlled private corporation with head offices in Langley, British Columbia. Dripper Catcher is a wholesale company that sells manufactured aluminum eaves troughs directly to builders. It also has a construction business that installs its products (and related products) on consumers' homes. For its fiscal year ended December 31, 2020, the corporation had correctly calculated its income for tax purposes under Division B as follows:

Canadian operating profits (Note 1)493,000

Foreign: income before tax from U.S. branch in C$ (Note 2)40,000

Royalty income (Note 3)15,000

Interest income on outstanding A/R in construction business4,500

Recapture of CCA (Note 4)12,500

Rental income (Note 5)19,000

Taxable capital gains net of allowable capital losses (active)3,000

Dividends from taxable Canadian corporations ? non-connected (eligible)13,000

Division B income for tax purposes600,000

Notes:

(1)Operating profits are from its two businesses; geographic and business line details described below.

(2)Foreign income tax was paid in the amount of C$10,500 on this income.

(3)The royalty income had been determined to be property income.

(4)The recapture resulted from the sale of some equipment used in the construction business.

(5)The rental income was derived from a five-year lease of the entire space of an unused warehouse owned by the corporation.

Additional Information:

(A)The balance in the tax accounts at the end of 2019 and other information from the 2019 taxation year were:

Unused business foreign tax credit4,000

Refundable dividend tax on hand (non eligible)20,000

Dividend refund for 2019 (non eligible)8,000

(B)A net capital loss of $6,000 was realized in June 2019; no capital gains were realized by the corporation in 2019 or in the prior three years.(C)DCL made charitable donations of $12,500 during the year.

(D)Four quarterly dividends of $25,000 (non eligible) were declared at the end of each calendar quarter of 2020 and, as always, were paid two weeks after their declaration. Similarly, the dividend for the last quarter of 2019 of $22,500 (non eligible) was paid on January 14, 2020.

(E)The corporation has permanent establishments in British Columbia, Ontario, and the United States. Its gross revenues, salary and wages, operating profit, and gross asset values are as follows:

LocationGross revenue ($000s)Payroll ($000s)Operating profit ($000s)Gross asset value ($000s)

British Columbia1,7501,9501234,500Ontario2,500900140800

U.S.75015040700

Totals5,0003,0003036,000

(F)The corporation has taxable capital of $4,500,000.

Required:

1.Calculate the federal taxes on taxable income payable by Dripper Catcher Ltd.

Use the template provided. You may modify as you need to.

2.Compute the refundable dividend tax on hand balance as at December 31, 2020. Also, compute the dividend refund for 2020. Show all calculations.

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