Falcon Ltd. is a Canadian Controlled Private Corporation (CCPC) based in Ontario. The company operates a retail sports store, specialized in sporting equipment. The company is not involved in any manufacturing process. The following information is provided for its year ended December 31, 2020: 1. Net income for tax purposes is $480,000, which was calculated as follows:

Business Income from Retail Business	$398,000
Interest income from investments in bonds	14,000
Interest income on overdue trade accounts receivable	2,000
Taxable capital gain on sale of land	34,000
Dividends from Canadian public corporations (see item #2)	22,000
Dividends from Eagle Ltd. (see item # 3 below)	10,000
Net Income for Tax purposes	$480,000

2. Falcon Ltd. has less than 1% ownership in the public corporations. All dividends received from the Public Corporations are eligible dividends. 3. Eagle Ltd. is a Canadian-controlled private corporation.

Falcon Ltd. owns 75% of Eagle Ltds voting common shares.

In 2020, Eagle Ltd. claimed the Small Business Deduction on $200,000 of its Active Business Income.

The total taxable capital employed for Falcon Ltd. and Eagle Ltd., combined is less than $10 million.

Eagle Ltd. paid a Non-Eligible dividend of $10,000 to all shareholders, of which Falcon Sports Ltds share is $7,500 (75% x $10,000). As a result of the total dividend paid, Eagle Ltd. received a dividend refund of $2,000 back from Canada Revenue Agency (CRA).

4. In 2020, Falcon Ltd. made donation contributions of $8,000 to registered charities. These amounts have been correctly adjusted for in computing net income for tax purposes. 5. At the end of 2019, Falcon Sports Ltd. had the following tax account balances:

Net-Capital Losses: $52,000

Non-Capital Losses: $10,000

Non-Eligible Refundable Dividend Tax On Hand (RDTOH): 6,000

Eligible Refundable Dividend Tax On Hand (RDTOH): $ Nil

5. On December 31, 2020, Falcon Ltd. paid Eligible dividend of $12,000 to its shareholders.

Required: Determine the following for the Falcon Ltd. for the taxation year ended in 2020 (Please use latest rates provided for year 2021): a) Taxable Income:_________________________ b) Active Business Income:___________________ c) Aggregate Investment Income:_______________ d) Small Business Deduction Limit:______________ e) Part I Tax:_______________________________ f) Part IV Tax:______________________________ g) Eligible RDTOH Balance for Current Year:___________ h) Non-Eligible RDTOH Balance for the Current year: _____________ i) Dividend Refund:_________________________ j) Total Federal Tax Payable:__________________