Opus Limited is a Canadian controlled private corporation. During 2017, the company received the following dividends:

Dividends on Portfolio Investments$ 35,000

Dividends from Magnum Inc. [(100%)($55,000)]55,000

Dividends from Masterpiece Ltd. [(40%)($100,000)]40,000

Opus owns 100% of the shares of Magnum Inc. and 40% of the shares of Masterpiece Ltd. Masterpiece received a dividend refund of $10,000 on its dividend payment, while Magnum received a dividend refund of $15,000. Determine the amount of Part IV Tax payable by Opus Limited for the current year.