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Determine the refundable amount of tax

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Reference no: EM132921780

Question - Open box 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: 91500

Dividends from portfolio investments 41 300

Interest on Long term investments 17500

Foreign non business income-net of 8 percent withholding: 18400

The company 2020 net income for tax purposes is 232 500. The company has available a net capital loss carry forward of 24000 ((1/2)($48000) which is deducted from taxable income. A 14 250 small business deduction and a foreign non business tax credit of 1600 served to reduce tax payable. Assume that the company part 1 tax payable has been correctly determined to be 37 133. Determine the refundable amount of Part 1 tax for the year ending December 31 2020?

Reference no: EM132921780

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