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SPORTCO is a CCPC that operates only in Canada, and all of its shares are owned by C line Chalifoux. The income statement for its
SPORTCO is a CCPC that operates only in Canada, and all of its shares are owned by Cline Chalifoux. The income statement for its month fiscal year ending December of Year shows the following items:
Operating Profit: $
Other Income:
Interest on Portfolio Investments: $
Interest on Customer Accounts: $
Nontaxable Dividend from FILS: $
Nontaxable Dividend from PRIVCO: $
Taxable Dividend from PRIVCO: $
Gain from the Sale of PUBCO Shares: $
FILS is a CCPC owned by Clines son and by SPORTCO.
For its fiscal year ending December of Year FILS reported taxable income of $ consisting only of ABI for which it claimed the Small Business Deduction SBD
During the year, FILS paid its shareholders a nontaxable dividend. Despite these dividend payments, FILS did not have a Refundable Dividend Tax on Hand RDTOH
PRIVCO is a CCPC SPORTCO owns of PRIVCO's shares. Ms Chalifoux is not related to the other shareholders of PRIVCO.
For its fiscal year ending December of Year PRIVCO reported taxable income of $ including $ of ABI for which it claimed the SBD
During the year, PRIVCO paid a nontaxable dividend and a taxable dividend. Following these dividend payments, PRIVCO received an RDTOH of $
Finally, Ms Chalifoux's spouse is the sole shareholder of CONJOINT, a CCPC For its fiscal year ending December of Year CONJOINT reported taxable income of $ consisting only of ABI for which it claimed the SBD
Apart from the dividend payments, there are no other transactions between the different companies, ie SPORTCO, FILS, PRIVCO, and CONJOINT. The combined taxable capital and adjusted aggregate investment income of all associated companies have always been less than $ million and $ respectively.
SPORTCO wants you to take all measures to reduce its tax burden for Year
presenting the details of your calculations.
Calculate the active business income ABI of SPORTCO for its fiscal year ended December Year
Calculate the total investment income of SPORTCO for its fiscal year ending December Year
Calculate the net income of SPORTCO for its fiscal year ending December Year
Calculate the taxable income of SPORTCO for its fiscal year ending December year
Calculate the income of SPORTCO which benefits from the eligible small business deduction DAPE in the calculation of its tax for the fiscal year ended December of year
Calculate the income of SPORTCO which is subject to the additional Part I tax in the calculation of its tax for the fiscal year ended December of year
Calculate the income of SPORTCO which benefits from the general tax reduction RIG in the calculation of its tax for the year ended December year
Calculate the refundable portion of Part I tax FRIPI of SPORTCO for the year ended December year
Calculate SPORTCOs Part IV tax for the year ended December Year
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