Q4. Active business income ...
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Finance
Q4.
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| Active business income | Investment income This year and last year | Portfolio Dividend income non-connected | Dividends income connected |
| CDN ABI income | 500,000 |
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| Cdn interest income(non-active) |
| 20,000 |
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| Cdn dividend income |
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| 0 |
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| CDN dividend income (50% ownership; dividend refund receive by subsidiary was 20,000) |
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| 10,000 |
| Taxable capital gain (non-active) |
| 100,000 |
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- MML HAD A CARRY FORWARD OF $500,000 OF charitable donation from 2018.
- This year, MML paid $90,000 dividends to its share holder
- Assume all amounts are non-eligible
- Assume there are no associated companies.
Please calculate the maximum business limit to be used calculate the small business deduction this year (adjust for passive income)?
The answer is:
- 150,000
- 0
- 250,000
- 500,000
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