Question
Retail Cannot is a Canadian-controlled private corporation (CCPC) which was incorporated in 2012 with a October 31 year endDuring 2020 taxation yearthe company determined following
Retail Cannot is a Canadian-controlled private corporation (CCPC) which was incorporated in 2012 with a October 31 year endDuring 2020 taxation yearthe company determined following amounts for the purposes of preparing the corporate tax retum. 195,000 2.000 Canadian Active Business income () Dividends from taxable Canadian subsidiary Other Canadian investment income Rental income Interest income Royalty Income Taxabla Capital Gain TCG) (non-active) Net Income for tax purposes. NIFTP) Division C deductions: Dividends Charitable Donations Current Carried Non Capital Loss deducted Net Capital Loss deducted Taxable income () 110.000 3,000 10.000 346,000 ( 2.000) 28,000 ) ( 4.000) (32.000) (10.000) 302.000 20 Marks 6 Marks REQUIRED : SHOW ALL COMPUTATIONS TOTAL Calculate Federal Part and show all components of this calculation including the following Small Business Deduction General Rate Reduction (GRR) Additional Refundable Tax ( ART) including Aggregate Investment Income (A NOTE : It is not necessary to compute RDTOH for this question
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