Reference no: EM132876548

Problem - Barnum Ltd. is a CCPC with a December 31 year end. For the 2020 taxation year, the Company has a Net Income For Tax Purposes of $436,000. This is made up of active business income of $256,000, dividends from taxable Canadian corporations of $61,000, taxable capital gains of $85,000, and interest income on long-term investments of $34,000. In filing its 2019 tax return, the company will deduct a non-capital loss carry forward of $163,000, and a net capital loss carry forward of $47,000. Barnum is associated with one other company and they have agreed to split the annual business limit on a 50/50 basis. In 2019, Barnum's Taxable Capital Employed in Canada was less than $10 million, Determine Barnum's Taxable Income and its additional refundable tax on investment income for the 2020 taxation year.