Question
XYZ Corp is a CCPC and is not associated with any other corporation. XYZ Corp's Net Income for Tax Purposes for the year ended December
XYZ Corp is a CCPC and is not associated with any other corporation. XYZ Corp's Net Income for Tax Purposes for the year ended December 31, 2017 was $430,000. This amount is made up of $300,000 of active business income, dividend income of $42,000 from taxable Canadian corporations and $88,000 of foreign business income. You have determined that 23% of the income is attributable to foreign sources. Foreign taxes of 15% were paid on the foreign business income, all of which is eligible for the foreign tax credit. XYZ Corp also has $50,000 of non-capital losses carried forward from last year. Determine XYZ Corp's part I federal tax payable.
all the rates should be in the question also no additional info is needed
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