Problem: EX Ltd. is a Canadian-controlled private corporation operating a retail business in Canada. For the current year, EX Ltd. has net income of $662,000 and taxable income of $600,000. Included in net income are taxable capital gains of $46,000 and interest from Canadian sources of $30,000 as well as $42,000 of eligible dividends from Canadian companies. Net capital losses of $20,000 were deducted in computing taxable income. EX Ltd. is claiming a small-business deduction of $95,000 ($500,000 x 19%), which reduces the Part I tax payable to $73,255. The eligible RDTOH at the end of the previous year was $0 and the non- eligible RDTOH was $12,000. During the current year, $50,000 of dividends was paid ($42,000 eligible and $8,000 non-eligible). Dividends were not paid in the previous year.
Determine the dividend refund for EX Ltd. for the current year.