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Which of the following is not one of the three basic areas that distinguish a Canadian-controlled private corporation from other corporations?
Rates of tax
Which of the following statements does not correctly describe matters related to active business income?
Active business income would include the selling of services in a profession.
The payment of a salary to a shareholder to reduce income over $200,000 would reduce double taxation.
The first $200,000 of annual active business income is entitled to a reduction in federal taxes by 16%.
The unused portion of the small business deduction is available for carry-over to other years.
Which of the following amounts would not be included in a corporation’s capital dividend account?
Non-taxable portion of life insurance proceeds.
Non-taxable portion of Canadian dividends received.
Non-taxable portion of net capital gains.
Non-taxable portion of gains on eligible capital property.
Which of the following statements does not correctly describe matters related to the taxation of intercorporate dividends?
Corporations are connected when there is intercorporate ownership of more than 10%.
Dividends received from non-connected corporations must pay a Part IV tax of 33 1/3%.
Part IV taxes are fully refundable when the dividends are distributed to shareholders as dividends.
Dividends received from connected corporations must pay a Part IV tax of 6 2/3%.
Which of the following is a disadvantage of incorporating a business?
Dividends are paid by a corporation, and received by a shareholder, only when declared.
Losses of an incorporated business can not be offset against a shareholder’s other income.
The risk of business failure can be reduced during its early stages.
A shareholder can also be an employee of a corporation.
A CCPC in the retailing business with 8 staff has taxable income of $180,000 in 20X1 which excludes Canadian dividend income of $10,000 and includes i...
A CCPC in the real estate rentals business with 4 staff has taxable income of $80,000 in 20X1 which excludes Canadian dividend income of $5,000 and in...
A CCPC received taxable dividends from public corporations of $18,000. It also received taxable dividends of $6,000 and capital dividends of $3,000 fr...
Company A, a CCPC, owns 25% of the voting shares of Company B, a CCPC. Company B earns active business income that is subject to the small business de...
Part I tax of $1,688 and Part IV tax of $625
Part I tax of $3,750 and Part IV tax of $625
Part I tax of $0 and Part IV tax of $625
Part I tax of $0 and Part IV tax of $3,750
For what type or range of income would you be indifferent to paying a salary or a dividend to the sole shareholder of a CCPC?
Income eligible for the Manufacturing and Processing deduction
$200,000 - $300,000
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