It's All Too Taxing is a Canadian-controlled private corporation with net income of $500,000 on its income statement. The controller provides you with the following notes:

Net income included $1,000 of meals and entertainment expenses.
Net income included $5,000 of interest and penalties on income taxes.
$200,000 of the net income pertained to dividends income received from another Canadian corporation.
Calculate the taxable income of the company.