With respect to the gross up and tax credit procedures applicable to dividends from taxable Canadian corporations, which of the following statements is NOT correct?

1. The gross up is intended to adjust the taxable amount of the dividend to the pre-tax amount that was required at the corporate level in order to pay the dividend.

2. The federal dividend tax credit is the same regardless of corporation it is received from.

3.The amount of the gross up depends on whether the dividend is eligible or non-eligible.

4. The dividend tax credit is intended to compensate the shareholder for the taxes that were paid at the corporate level