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Determine the Company minimum Taxable Income

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Question - For the year ending December 31, 2020, Garba Inc. had Net Income For Tax Purposes of as follows.

Income from Business operation=140,000

Dividends received from taxable Canadian companies=20,000

Net taxable capital gains=12,000

The Company also made charitable donations during 2019 of $14,000.

At the beginning of 2020, the Company had a non-capital loss carry forward of $102,000, as well as a net capital loss carry forward of $56,000.

Determine the Company's minimum Taxable Income for the year ending December 31, 2020 and the amount and type of any carry forwards available at the end of the year.

Reference no: EM133034825

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