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How much corporate tax would a CCPC in Ontario pay if their taxable income was $560,000 (assuming there is an associated company which uses the entire Small Business Deduction)?

How much corporate tax would a CCPC in Ontario pay if their taxable income was $560,000 (assuming there is an associated company which uses the entire Small Business Deduction)?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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3. 4. 5. How much corporate tax would a CCPC in Ontario pay if their taxable income was $560,000 (assuming there is an associated company which uses the entire Small Business Deduction)? a. $ 89,600 b. $ 148,400 C. $ 84,000 d. $ 64,400 As discussed in class, a corporation files what type of income tax return? a. T1. b. T2. C. T3. d. T4. Which of the following is not true regarding a CCPC? a. CCPC stands for Canadian-controlled public corporation. b. CCPC's are not traded on the stock exchanges. c. CCPC's are residents of Canada. d. CCPC's are entitled to the manufacturing and processing deduction.
Transcribed Image Text:3. 4. 5. How much corporate tax would a CCPC in Ontario pay if their taxable income was $560,000 (assuming there is an associated company which uses the entire Small Business Deduction)? a. $ 89,600 b. $ 148,400 C. $ 84,000 d. $ 64,400 As discussed in class, a corporation files what type of income tax return? a. T1. b. T2. C. T3. d. T4. Which of the following is not true regarding a CCPC? a. CCPC stands for Canadian-controlled public corporation. b. CCPC's are not traded on the stock exchanges. c. CCPC's are residents of Canada. d. CCPC's are entitled to the manufacturing and processing deduction.
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