Determine the amount of tax, Taxation

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Bass River Furniture operates a manufacturing business in Bass River, Nova Scotia. On June 8, 2010, Bass River purchased an asset for an invoice price before HST of $1,800,000.  This asset is a Class 43 asset with a CCA rate of 30 percent. The firm already had assets in this Class and the UCC at the beginning of 2010 was $4,000,000.

Bass River's income before the deduction of CCA (or accounting amortization) is $1,800,000 for 2010. Bass River qualifies for the 10 percent investment tax credit. Bass River  is a Canadian Controlled Private Corporation. Determine the amount of tax Bass River will have to pay on its 2010 operations.


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