$x$ Ltd$.$ owns all of the shares of Y Ltd$.$ The shares of $Y$ have an adjusted cost base of $$40,000$ and a fair market value of $$940,000.$ Y has retained earnings of $$100,000($earned after $1971)$ and no eligible or non$-$eligible refundable dividend tax on hand. Y plans to pay a dividend of $$900,000$ to $x.$ Subsequently, $x$ will sell the shares of $Y$ Ltd$.$ to an arm's$-$length person for $$40,000.$

Determine the tax consequences to $xLtd.$ of these transactions.