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Determine X refundable tax on investment income

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    Assignment ID: FG132429564

    Question – X Ltd. has net income for tax purposes of $90,000 and taxable income of $60,000. The net income includes $6,000 of taxable Canadian dividends, $10,000 taxable capital gains, and $5,000 interest income. The taxable income calculation includes deductions for a net capital loss of $8,000 and a non-capital loss of $9,000. The $500,000 business limit has been assigned to an associated corporation. Determine X’s refundable tax on investment income.

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