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Determine the refundable amount

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Question - StarForce Ltd. is a Canadian controlled private corporation. During the taxation year ending December 31, 2020, the Company has the following amounts of property income:

Net Rental Income $17,600

Capital Gains 91,500

Dividends From Portfolio Investments 41,300

Interest On Long-Term Investments 17,450

Foreign Non-Business Income -

Net Of 8 Percent Withholding 18,400

The Company's 2020 Net Income For Tax Purposes is $232,350. The Company has available a net capital loss carry forward of $24,000 [(1/2)($48,000)], which is deducted from Taxable Income. A $14,250 small business deduction and a foreign non-business tax credit of $1,600 served to reduce Tax Payable. Assume that the Company's Part I Tax Payable has been correctly determined to be $37,133. Determine the refundable amount of Part I tax for the year ending December 31, 2020.

Reference no: EM132919512

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