Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please answer asap thank you Canadian Tyre Inc. is a CCPC. And has never been associated with any other corporations. Facts about the year ending
please answer asap thank you
Canadian Tyre Inc. is a CCPC. And has never been associated with any other corporations. Facts about the year ending December 31, 2022, are: Net income of $1,250,000 Of the net income, $1,200,000 is Canadian active business income Of the net income $50,000 is Foreign source non-business income Foreign taxes withheld on the $50,000 is equal to 15% The foreign taxes withheld is equal to the ITA 126(1) credit The corporations only deduction available is a non-capital loss carry forward of $900,000 which they fully intend to utilize in 2022 TCEC for December 31, 2021 is 11,300,000 and for December 31, 2022 is $11,600,000 AAll for December 31, 2021 is nil Determine the eligible for the small business deduction for Canadian Tyre Inc. for the year ending December 31, 2022 For the following questions, enter your answers to the nearest dollar. Do not enter a dollar sign or decimals but commas and brackets are fine to use. Net Active Business Income: $ (1 mark) Adjusted Taxable income: 2022 TAXABLE Income: $ (2 marks) ITA 126(1) Adjustment (Enter as negative in brackets to the nearest dollar): $ (2 marks) . Adjusted Taxable income: $ (1 mark) Adjusted Taxable income: 2022 TAXABLE Income: $ (2 marks) ITA 126(1) Adjustment (Enter as negative in brackets to the nearest dollar): $ (2 marks) Adjusted Taxable income: $ (1 mark) Annual Business Limit factoring in TCEC Adjustment: $ (3 marks) Amount Eligible for Small Business Deduction: $ (1 mark) How much would the small business deduction be (round to the nearest whole dollar): $ (1 mark) Canadian Tyre Inc. is a CCPC. And has never been associated with any other corporations. Facts about the year ending December 31, 2022, are: Net income of $1,250,000 Of the net income, $1,200,000 is Canadian active business income Of the net income $50,000 is Foreign source non-business income Foreign taxes withheld on the $50,000 is equal to 15% The foreign taxes withheld is equal to the ITA 126(1) credit The corporations only deduction available is a non-capital loss carry forward of $900,000 which they fully intend to utilize in 2022 TCEC for December 31, 2021 is 11,300,000 and for December 31, 2022 is $11,600,000 AAll for December 31, 2021 is nil Determine the eligible for the small business deduction for Canadian Tyre Inc. for the year ending December 31, 2022 For the following questions, enter your answers to the nearest dollar. Do not enter a dollar sign or decimals but commas and brackets are fine to use. Net Active Business Income: $ (1 mark) Adjusted Taxable income: 2022 TAXABLE Income: $ (2 marks) ITA 126(1) Adjustment (Enter as negative in brackets to the nearest dollar): $ (2 marks) . Adjusted Taxable income: $ (1 mark) Adjusted Taxable income: 2022 TAXABLE Income: $ (2 marks) ITA 126(1) Adjustment (Enter as negative in brackets to the nearest dollar): $ (2 marks) Adjusted Taxable income: $ (1 mark) Annual Business Limit factoring in TCEC Adjustment: $ (3 marks) Amount Eligible for Small Business Deduction: $ (1 mark) How much would the small business deduction be (round to the nearest whole dollar): $ (1 mark) Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started