Harrison Corp. is a CCPC. At December 31, 2019, it had an Non-eligible RDTOH account...
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Harrison Corp. is a CCPC. At December 31, 2019, it had an Non-eligible RDTOH account balance of $43,000. As a result of paying dividends during 2019, the Company received a dividend refund of $6,000. During 2020 Harrison Corp had Active Business income of $50,000, Aggregate Investment Income of 43,000 and Taxable Income of $93,000. The companys Part I tax payable was $21,126. During 2020, the Company paid a $35,000 non-eligible taxable dividend and a $5,000 Capital Dividend on its common shares.
a. What is the Company's Non-eligible RDTOH balance (before dividend refund) at the end of 2020?
b. What is the dividend refund it would receive as a result the dividend payments in 2020?
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