question archive 6)Ale's company is a Canadian controlled private Corporation with a December 31st 2020 year end
6)Ale's company is a Canadian controlled private Corporation with a December 31st 2020 year end
Subject:LawPrice: Bought3
6)Ale's 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
Required
Compute 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. Ale's company is not associated with any other Corporation.
