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Corporation
Corporation MCQs
?
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
Double taxation
Primary relationships
Secondary relationships
?
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.
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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...
$0
$24,800
$26,400
$32,000
?
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...
$0
$11,200
$12,480
$12,800
?
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...
$6,000
$7,000
$8,000
$9,000
?
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
First $200,000
$200,000 - $300,000
Over $300,000
