Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a canadian controlled private corporation has net

A Canadian controlled private corporation has Net income for tax purposes of $273,000 and Taxable...

60.1K

Verified Solution

Question

Accounting

A Canadian controlled private corporation has Net income for tax purposes of $273,000 and Taxable

Income of $220,000. All of this income is Active Business Income and is earned in Canada and qualifies

for the Small Business Deduction. The provincial tax rate applicable to income eligible for the small

business deduction is 3%. The Small Business deduction rate is 17.5% and General Rate Reduction is 13%

1) Calculate the corporations tax payable

2) What is the effective tax rate?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

3) How did Buddhism find its way to China? Why do you think this outside belief...

Psychology
Q

Blackburn is a growing company based in Vancouver. Over the years they have hired some of...

General Management
Q

A Capacitor of capacitance C 2uF chargd with qo 60 F is connected to the...

Physics
Q

Find an equation of the line with the givenslope that passes through the given point.Write...

Basic Math
Q

I am Malalai Excerpt by Malalai Yousafzia I am a Pashtun a member of a...

Statistics
Q

What is a closed question What is an open question Discuss the advantages and disadvantages...

Statistics
Q

104 A consumer looking to buy a used red sports car will call dealerships until...

Statistics
Q

F 24 Use the following similar triangles AABC ADEP If AC 10 when DF 19...

Algebra
Q

Write a reflection on the implications of the energy resources in total units produced and...

Accounting
Q

Question 20 Kelly's Wood Shop produces wood chips and sawdust in a joint manufacturing process...

Accounting
Q

Each day, Ivanhoe Corporation processes 1 ton of a secret raw material into two resulting...

Accounting
Q

Kubin Company s relevant range of production is U,UUU to S,UUU units. When it produces...

Accounting