Question # 5.. Wolfhowl Ltd. was incorporated in Banff, Alberta in 1961. Despite its Canadian...
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Accounting
Question # 5..
Wolfhowl Ltd. was incorporated in Banff, Alberta in 1961. Despite its Canadian charter, the Company has never carried on business in Canada. However, until 1971, all meetings of the Board of Directors were held in Banff. Since 1971, all board of directors meetings have been held in Wyoming. Determine the residency status of Wolfhowl Ltd.
Question # 6
Chemco Inc. has a December 31 year end and is not a small CCPC. For 2016, its taxes payable were $146,300, while for 2017, the amount was $94,650. For 2018, its estimated taxes payable are $52,300. What would be the minimum instalment payments for the 2018 taxation year and when would they be due? How would your answer differ if Chemco Inc. qualified as a small CCPC?
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