Raptor Inc. (RI) is a Canadian-controlled private corporation

Raptor Inc. (RI) is a Canadian-controlled private corporation and has provided you with the following selected information related to its 2019 taxation year ended December 31, 2019. RI Inc. did not have taxable capital in excess of $10,000,000 in 2018.

Canadian manufacturing profits$451,500 Canadian retail business income 50,000 Taxable capital gains(non-active) 4,500 Interest income:Canadian long-term bonds40,000Interest on overdue accounts receivable5,000 Dividend income:From taxable Canadian corporations(eligible dividend)(RI owns less than 5% of the shares of these corporations)9,000From U.S. corporations (before U.S. tax of $1,800)(these corporations are not foreign affiliates)12,000 Non capital losses from prior years applied in the calculation of taxable income55,000Net capital losses from prior years applied in the calculation of taxable income4,500

Calculations correctly prepared under the Income Tax Act Taxable income $503,500 Part I tax payable (including additional refundable tax) 66,682 Foreign non-business tax credit 1,800

Miscellaneous Items

Refundable dividend tax on hand as of December 31, 2018 (non-eligible)$22,000 Dividend refund received in respect of the 2018 taxation year (non-eligible)9,000 Taxable dividends paid during 2019 (non-eligible)99,000

Required:

Determine, for RI Inc., by clearly presenting all component parts and their calculations, (a) the amount of the small business deduction, and (b) the amount of the dividend refund for 2019. Do not re-compute the Part I tax and the other related tax credits. Assume that they have been computed correctly.