How much Part IV tax must GIC pay

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Question - Gupta Investments Corp. (GIC) was incorporated to be an investment holding company with a December 31 year end. In 2019, it received $1,000 of dividends from a widely held public company listed on the Toronto Stock Exchange and $2,000 of non-eligible dividends from a CCPC. The CCPC received a non-eligible dividend refund of $1,000 as a result of its 2019 dividends. GIC owns 20% of all the shares issued by the CCPC. How much Part IV tax must GIC pay in 2019?

a) $383.33

b) $583.33

c) $1,150.00

d) $1,383.33

Reference no: EM132556919

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