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You own a CCPC and your accountant has prepared the following Income Statement for 2023: Sales: $40,000 -) COGS: $15,000 -) Operating Expenses: $20,000 -)
You own a CCPC and your accountant has prepared the following Income Statement for 2023: Sales: $40,000 -) COGS: $15,000 -) Operating Expenses: $20,000 -) Depreciation : $8000 Net Income Before Tax: ($3000) Loss What will be your taxes paid to the CRA? Assuming tax is 20% Question 12 options: ($600) - CRA will refund $600 $0 carry forward loss of $3000 $1000
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