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Mrs. Beauchamp is one of several shareholders of Craigdon Ltd., a CCPC. She currently holds...

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Accounting

Mrs. Beauchamp is one of several shareholders of Craigdon Ltd., a CCPC. She currently holds 1,500 Class A common shares of the corporation with a total ACB of $18,750 and a total PUC of $20,425. On January 1 of the current year, Craigdon Ltd. redeems 500 of Mrs. Beauchamps shares for proceeds of redemption of $7,500. Calculate the tax consequences for Mrs. Beauchamp of this share redemption as per ITA 84(3).

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