Compute the additional refundable tax

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Question - Most Lee Ltd is a Canadian Controlled Private Corporation and was incorporated in 2009. For the taxation year ended December 31, 2020, Most Lee earned Active business income of $159,000. And rental income of $100,000. Most Lee reported interest income of $20,000 on a fixed deposit and a royalty income of $10,000. The Company also reported taxable capital gain of $30,000 on sales of non-active shares.

The company has following balances to be carried forward: Net Capital loss of 10,000 incurred in 2010 and charitable donation of $10,000 carried forward from 2019. Compute the Additional Refundable Tax for 2020.

Reference no: EM133071443

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