Problem $7$

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 $30,2023,$ its accounting income statement was as follows:

ITA: $123,124,125\mathrm{.}1,126,127(5)$

Sales

Cost of sales and other expenses including CCA

Operating profit

Other income

Net income before taxes

Provision for taxes

Net income

$$1,225,000$

$(745,000)$

S $480,000$

$173,500$

$ $653,500$

$(200,725)$

$=$$$452,775$

Selected Additional Information

$(1)$ Other income includes:

Dividends from taxable Canadian corporation

$$60,000$

Canadian interest income

$52,500$

Foreign interest income, net of withholding taxes of $$10,000$

$61,000$

$(2)$ Up$,$ Up and Away Limited has a non$-$capital loss carryforward of $$255,545.$

$(3)$ Donations to registered charities were $$9,755($deducted from accounting income$).$

You have been asked to calculate the total taxes payable for $2023$ using an $11\%$ provincial rate of tax.