B Inc. has net income of $50,000 for the current year, including dividends received from taxable Canadian corporations of $7,000 and taxable capital gains of $4,000. B Inc. donated $40,000 to a registered charity during the year. B Inc. has net capital losses of $5,000 incurred last year. What is B Inc.'s minimum taxable income for the current year?
D Inc.'s income for the current year consists of interest income of $2,000, a taxable capital gain of $10,000 and a business loss of $18,000. D Inc. has net capital losses of $22,000 incurred two years ago. What is the maximum non-capital loss for the current year?
On January 16th of the current year, F Inc. acquired 75% of the shares of G Inc. from an arm's length person. At that time, G Inc. owned Class 8 assets (Value $30,000; Cost $50,000; UCC $44,000). What is the amount of the reduction required to the UCC?
On January 18th of the current year, J Inc. acquired 85% of the shares of K Inc. from an arm's length person. At that time, K Inc. owned two non-depreciable capital assets: Land (Value $100,000; Adjusted cost base $130,000) and Investment in X Inc. (Value $25,000; Adjusted cost base $20,000). What is the amount of the reduction required to the adjusted cost base of the assets?
M Inc., a Canadian public corporation, carries on business across Canada. In the current year M Inc. has taxable income of $500,000. What is the amount of federal tax payable?
F Ltd., a Canadian-controlled private corporation, has net income and taxable income of $90,000. The income is specified investment business income. Determine F's federal Part I tax payable
34,803 ± 4.2
G Ltd., a Canadian private corporation, owns 40% of the voting shares of X Ltd., a Canadian private corporation. In the current year X paid a dividend of $60,000 and received a dividend refund from its RDTOH account of $20,000. In addition, G received dividends of $5,000 from various Canadian public corporations. Determine G's refundable Part IV tax.
9,917 ± 1.05
X Ltd. has net income for tax purposes of $120,000 and taxable income of $90,000. The net income includes $8,000 of taxable Canadian dividends, $7,000 taxable capital gains, and $9,000 interest income. X Ltd. and Y Ltd. are associated and Y claimed the small business deduction on $210,000 of active business income. Determine X's small business deduction.
15,750 ± 5%
X Ltd. has net income for tax purposes of $450,000 and taxable income of $420,000. X claimed the small business deduction on $250,000 of active business income and earned $50,000 of interest income on long-term bonds. Determine X's general tax reduction.
15,600 ± 5%
At the end of the current year, X Ltd. had a RDTOH balance of $18,000. During the year, X paid taxable dividends of $40,000 of which $20,000 were classified as eligible dividends. Determine X's dividend refund for the year.
Y Ltd., a Canadian-controlled private corporation, spent $800,000 in SR&ED current expenditures and $600,000 in SR&ED capital expenditures. Y's taxable income the previous year was $400,000 and Y is not associated with any other corporation. Y's taxable capital is $2,000,000. Determine the investment tax credit earned by Y.