Can-Corp Ltd. is a Canadian controlled private corporation that is not involved in manufacturing or...
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Accounting
Can-Corp Ltd. is a Canadian controlled private corporation that is not involved in manufacturing or processing activities. Can-Corp Ltd. has net income for tax purposes of $675,000. This income is comprised of the following amounts:
-Active business income $580,000
-Dividend income from taxable Canadian corporations $ 60,000
-Charitable Donations $11,000
-Canadian source interest income $ 24,000
What is the General Rate Reduction for Can-Corp Ltd. in the current year?
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