Solution-Calculate income to be taxed in Ontario

Calculate income to be taxed in Ontario

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Reference no: EM132833587

Question - Taxco Ltd., a CCPC, operates in the following four permanent establishments and reported the following amounts for the year ended December 31, 2020:

	Sales	Salaries and Wages Paid
Ontario	$2,000,000	$600,000
British Columbia	1,000,000	300,000
Nova Scotia	1,000,000	300,000
Michigan, USA	1,000,000	300,000

Other information: Taxco Ltd.'s Division B income for the year was $ 700,000 including $100,000 of dividends received from taxable Canadian corporations.

Required -

1. Calculate income to be taxed in Ontario for 2020.

2. Calculate income to be taxed in British Columbia for 2020.

3. Calculate income to be taxed in Nova Scotia for 2020.

4. Calculate federal Part I tax payable for Taxco Ltd. in 2020.

Reference no: EM132833587

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Calculate income to be taxed in Ontario

Reference no: EM132833587

Reference no: EM132833587

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