Wrap Ltd. is a Canadian-controlled private corporation. At the end of 2019, Wrap had the following tax account balances: Non-capital losses Net capital losses Non-eligible RDTOH Eligible RDTOH Dividend refund from non-eligible dividends CDA $ 8,800 2,800 7,800 0 1.800 12,800 For the current year, 2020, net income for tax purposes is $275,400. Included in this amount is the following: Income from an active business carried on in Canada Taxable capital gain Eligible dividends from Canadian public companies Canadian bond interest $200,800 6,800 27,000 40,800 The following is a summary of other information for Wrap Ltd. for the 2020 year: Taxable income Capital dividend pald Eligible dividend pald Non-eligible dividend paid Small business deduction Total Federal Part I tax payable $236,800 12,800 10,800 75,800 38,152 32,720 The following is a summary of other information for Wrap Ltd. for the 2020 year. Taxable income Capital dividend paid Eligible dividend paid Non-eligible dividend paid Small business deduction Total Federal Part I tax payable $236,800 12,800 10,800 75,800 38,152 32,720 Required: Determine the dividend refund for 2020, assuming 2020. Would the dividend refund change if Wrap Ltd. was not a CCPC but instead was a private corporation or a public corporation? (use 0.3067 when multiplying to represent 30%%, and 0.3833 when multiplying to represent 38 1/3%. Do not multiply by more than 4 decimal places and round your final answer to the nearest dollar. Enter subtractions as negative amounts.) Aggregate investment income Part IV Tax 0 Non-eligible RDTOH TIL Less Proy 997 Wrap Ltd. is a Canadian-controlled private corporation. At the end of 2019, Wrap had the following tax account balances: Non-capital losses Net capital losses Non-eligible RDTOH Eligible RDTOH Dividend refund from non-eligible dividends CDA $ 8,800 2,800 7,800 0 1.800 12,800 For the current year, 2020, net income for tax purposes is $275,400. Included in this amount is the following: Income from an active business carried on in Canada Taxable capital gain Eligible dividends from Canadian public companies Canadian bond interest $200,800 6,800 27,000 40,800 The following is a summary of other information for Wrap Ltd. for the 2020 year: Taxable income Capital dividend pald Eligible dividend pald Non-eligible dividend paid Small business deduction Total Federal Part I tax payable $236,800 12,800 10,800 75,800 38,152 32,720 The following is a summary of other information for Wrap Ltd. for the 2020 year. Taxable income Capital dividend paid Eligible dividend paid Non-eligible dividend paid Small business deduction Total Federal Part I tax payable $236,800 12,800 10,800 75,800 38,152 32,720 Required: Determine the dividend refund for 2020, assuming 2020. Would the dividend refund change if Wrap Ltd. was not a CCPC but instead was a private corporation or a public corporation? (use 0.3067 when multiplying to represent 30%%, and 0.3833 when multiplying to represent 38 1/3%. Do not multiply by more than 4 decimal places and round your final answer to the nearest dollar. Enter subtractions as negative amounts.) Aggregate investment income Part IV Tax 0 Non-eligible RDTOH TIL Less Proy 997
