Which of the following statements with respect to dividends is not correct? All taxable dividends paid by Canadian$-$controlled private corporations are non$-$eligible dividends. Stock dividends are subject to the same gross$-$up and tax credit procedures as regular cash dividends. Dividend tax credits are based on a fraction$-$slash$-$percentage of the gross$-$up on dividends received. Capital dividends can be received by individuals without income tax consequences.