on to Federal income ch $23.500 11000 20,000 Problem 15 with the calendar year. For the year 2020, the company's taxable income was calculated as follow Multi Enterprises Ltd. is a Canadian-controlled private corporation whose fiscal periodo Income from distributing net of CCA. Dividends from taxable corporations. (a) connected corporation, dividend payment triggering a dividend refund from its non-cligible REYTOH of $2,750 to the wholly owned subsidiary (b) non-connected corporation (portfolio dividends) eligible) Taxable capital gain (non-active) Allowable capital losses Royalties Recapture of CCA on disposal of sales equipment Income from rental of an apartment building (no full-time employees and tenants provide virtually all of their own services) 14,000 Interest charged on accounts receivable 5.000 Net Income for tax purposes... $300,000 Less: net capital losses carried over $ 7,000 non-capital losses carried over 10,000 donations 26.000 dividends from taxable Canadian corporations 31,000 74,000 Taxable income $226,000 $29,000 12,000 17.000 9,000 M At December 31, 2019, there was a nil balance in both the eligible and non-eligible refundable dividend tax on hand accounts. The company paid $72,000 in non-eligible dividends during 2000 to individual shareholders The company is not associated with any corporation and has a permanent establishment in New Brunswick You have been asked to: (A) Compute the federal Part I tax and assumed provincial tax at a 4% rate on active business income eligible for the small business deduction and 12% for all other income. Show in detail the calculation of all deductions in the computation, using a separate schedule for each special deduction For purposes of the smallestiness deduction, assume investment income eamed in the prior year is the same as the amount eamed in the current year. In calculating the small business deduction listall ineligible items of income, if any, and indicate the amount of the business limit available for the subsidiary (By Compute the refundable dividend tax on hand balance as at December 31, 2030, showing in detail, your calculations and compute the dividend refund for 2030 Problem 16 The controle of Tek Enterprises Ltd. provided you with the following information: Tek Enterprises Ltd. Income For the fiscal year ended December 31, 2020 Canadian wholesaling income Canadian retail business income Taxable capital gains Interest income 3251,500 D0.000 on to Federal income ch $23.500 11000 20,000 Problem 15 with the calendar year. For the year 2020, the company's taxable income was calculated as follow Multi Enterprises Ltd. is a Canadian-controlled private corporation whose fiscal periodo Income from distributing net of CCA. Dividends from taxable corporations. (a) connected corporation, dividend payment triggering a dividend refund from its non-cligible REYTOH of $2,750 to the wholly owned subsidiary (b) non-connected corporation (portfolio dividends) eligible) Taxable capital gain (non-active) Allowable capital losses Royalties Recapture of CCA on disposal of sales equipment Income from rental of an apartment building (no full-time employees and tenants provide virtually all of their own services) 14,000 Interest charged on accounts receivable 5.000 Net Income for tax purposes... $300,000 Less: net capital losses carried over $ 7,000 non-capital losses carried over 10,000 donations 26.000 dividends from taxable Canadian corporations 31,000 74,000 Taxable income $226,000 $29,000 12,000 17.000 9,000 M At December 31, 2019, there was a nil balance in both the eligible and non-eligible refundable dividend tax on hand accounts. The company paid $72,000 in non-eligible dividends during 2000 to individual shareholders The company is not associated with any corporation and has a permanent establishment in New Brunswick You have been asked to: (A) Compute the federal Part I tax and assumed provincial tax at a 4% rate on active business income eligible for the small business deduction and 12% for all other income. Show in detail the calculation of all deductions in the computation, using a separate schedule for each special deduction For purposes of the smallestiness deduction, assume investment income eamed in the prior year is the same as the amount eamed in the current year. In calculating the small business deduction listall ineligible items of income, if any, and indicate the amount of the business limit available for the subsidiary (By Compute the refundable dividend tax on hand balance as at December 31, 2030, showing in detail, your calculations and compute the dividend refund for 2030 Problem 16 The controle of Tek Enterprises Ltd. provided you with the following information: Tek Enterprises Ltd. Income For the fiscal year ended December 31, 2020 Canadian wholesaling income Canadian retail business income Taxable capital gains Interest income 3251,500 D0.000
