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Problem 7 Up , Up and Away Limited is a public corporation that distributes hot air balloons in the Province of New Brunswick. For the
Problem
Up Up and Away Limited is a public corporation that distributes hot air balloons in the Province of New Brunswick. For the year ended September its accounting income statement was as follows:
ITA:
Sales
Cost of sales and other expenses including CCA
Operating profit
Other income
Net income before taxes
Provision for taxes
Net income
$
S
$
$
Selected Additional Information
Other income includes:
Dividends from taxable Canadian corporation
$
Canadian interest income
Foreign interest income, net of withholding taxes of $
Up Up and Away Limited has a noncapital loss carryforward of $
Donations to registered charities were $deducted from accounting income
You have been asked to calculate the total taxes payable for using an provincial rate of tax.
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