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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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