Slow Inc. is a Canadian$-$controlled private corporation based in your province. The company operates a wholesale business. The following information is provided for its year ended May $31,2023$:

$1.$ Net income for tax purposes is $$220,000.$ Included in this amount is the following:

$$ Interest income from bonds

$$10,000$

$$ Interest income on overdue trade accounts receivable

$1,000$

$$ Taxable capital gain on sale of land

$22,000$

$$ Eligible dividends from Canadian public corporations

$12,000$

$$ Non$-$eligible dividends from PQ Ltd$.($see item $2$ below$)$

$6,000$

$2.$ PQ Ltd$.$ is a Canadian$-$controlled private corporation. Slow owns $60\%$ of its common voting shares. In $2023,$ PQ claimed the small$-$business deduction on $$320,000$ of its active business income. PQ paid a non$-$eligible dividend of $$10,000,$ of which Slow$$s share is $$6,000(60\%).$ As a result of the dividend, PQ received a dividend refund of $$1,000$ from its non$-$eligible RDTOH.

$3.$ Slow made contributions of $$12,000$ to registered charities. This amount has been correctly adjusted for in computing net income for tax purposes.

$4.$ The following information is from Slow$$s $2022$ tax return:

$$ Non$-$capital losses

$$5,000$

$$ Non$-$eligible refundable dividend tax on hand

$3,000$

$$ Eligible refundable dividend tax on hand

$0$

$$ Dividend refund

$0$

$5.$ On May $31,2023,$ Slow paid taxable dividends of $$20,000($eligible $$11,000$ and non$-$eligible $$9,000)$ to its shareholders.

Required:

For the $2023$ taxation year, determine Slow$$s

$1.$ Taxable Income, Active Business Income, Aggregate Investment Income

$2.$ Federal Part I Tax

$3.$ Federal Part IV Tax

$4.$ Non$-$eligible RDTOH, Eligible RDTOH, Dividend Refund

Note

You are required to show the full calculation $($including the applicable components$)$ in order to earn full marks

You are not required to reference legislation in Income Tax Act