Question
xxx company is a Canadian controlled private Corporation with a December 31st 2020 year end. The company operates in Ontario. Taxable income for the year
- xxx company is a Canadian controlled private Corporation with a December 31st 2020 year end. The company operates in Ontario. Taxable income for the year is calculated as follows:
Canadian source business income $200,000
Canadian investment income 6,000
Income under division B 206,000
Taxable income all of which is earned in Canada 115,020
Please, guide me through the calculation of the federal Part 1 tax payable plus provincial tax at a 3% rate for 2020, if all the business income is considered to be active. XXX company is not associated with any other Corporation.
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Fundamentals of Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
5th edition
978-0077924379, 77924371, 978-0078025396, 78025397, 978-0077425654, 77425650, 978-0077667061
