Which it intends to claim in 2022 to the maximum extent

Reference no: EM133654312

Question: In 2022, Skyway Ltd. declares and pays taxable dividends of $46,000. It is the policy of the corporation to only designate dividends as eligible to the extent that they generate a dividend refund. 2. It is estimated that 88% of Skyway's wages and 92% of Skyway's gross sales relate to permanent establishments situated in a Canadian province or territory. 3. Skyway Ltd. is associated with one company. Skyway's share of the annual business limit is $110,000. 4. On January 1, 2022, there was no balance in either of Skyway's RDTOH accounts. On December 31, 2021 the Company's GRIP account balance was nil. 5. In 2021, the Adjusted Aggregate Investment Income (AAII) of Skyway and its associated company is $27,350 and the combined Taxable Capital Employed In Canada (TCEC) is $950,000. 6. Skyway has a 2019 net capital loss balance of $5,250 which it intends to claim in 2022 to the maximum extent possible. 7. Assume that the foreign tax credit on foreign business income is equal to the foreign income tax.

Reference no: EM133654312

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