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Determine the type of business income being earned

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Problem 1: Determine the type of business income being earned by each of the following Canadian-controlled private corporations.(ie Is it Active business income (ABI) or a specified investment business (SIB) or a personal services business (PSB)?).

a) Corporation X earns interest and dividends from numerous Canadian corporations. Corporation X employs three full-time employees.

b) Corporation Y earns rental income from leasing automobiles.

c) Corporation Z carries on a wholesaling business. In the current year Corporation Z earned interest income on overdue accounts receivable in addition to income from the wholesaling business.

d) Corporation AA earns interest income from numerous sources. Corporation AA employs 10 full-time employees.

Reference no: EM132788309

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