Exhibit I

$123456$ ONTARIO LTD$.$

The $2023$ and $2022$ annual financial statements for $123456$ Ontario Ltd$.($prepared by Joe$)$ are as follows:

$20232022$

Revenue from manufacturing and sales $$2,000,000$ $$2,300,000$

Dividend income from a taxable Canadian corporation $09,000$

Investment interest income $2,0006,000$

Cost of goods sold $1,300,0001,500,000$

Gross profit $$702,000$ $$815,000$

Salaries and wages $300,000350,000$

Other administrative costs $250,000300,000$

Net income before interest and amortization $$152,000$ $$165,000$

Interest expense $10,00010,000$

Amortization $15,00015,000$

Net income after interest and amortization $$127,000$ $$140,000$

Other information

$1.$ Capital cost allowance calculations totaled $$18,500$ in $2022$ and $$19,800$ in $2023.$

$2.$ In $2023,$ a bonus was announced for Joe$$s key employee, equal to a total of $1\%$ of the $2022$ annual $$revenue from manufacturing and sales.$$ The bonus has been structured to be distributed in two equal payments during $2024$ on January $31$st and November $30$th$,$ and has been included in the $2023$salaries and wages.$$

$3.$ Cost of goods sold and $$other administrative costs$$ adhere to the rules of the Income Tax Act.

$4.$ Interest expense is compliant with paragraph $20(1)($c$)$ of the Income Tax Act.

$5.$ All of the company$$s $$revenue from manufacturing and sales$$ is from active business.

$6.$ The dividends were received from a public corporation, of which $123456$ Ontario Ltd$.$ owns less than $1\%$ of the shares.

$7.$ In $2022,$ the Company disposed a property and reported a taxable gain of $$200,000$ in $2022$ tax return. The purchaser paid the remaining balance of $$60,000$ in $2023.$

$8.123456$ Ontario Ltd did not pay any dividends in $2023.$ Calculate the federal tax liability for $123456$ Ontario Ltd$.$ for $2023?$