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Mountain View Consulting Ltd., a Canadian-controlled private corporation, has accumulated a positive General Rate Income Pool (GRIP) balance.What does this balance generally allow the corporation to do?

Cedar Investments Ltd. incurred the following refundable taxes during the current taxation year:Refundable Part I tax arising from Aggregate Investment IncomePart IV tax on a non-eligible dividend received from a non-connected corporationPart IV tax on a dividend received from a connected corporation where the payer’s dividend refund arose from ERDTOHWhich treatment is generally correct?

Pinecrest Investments Ltd., a Canadian-controlled private corporation, earns passive investment income and initially pays a relatively high corporate tax rate on that income. A portion of the tax may later be refunded when the corporation pays taxable dividends to its shareholder.What is the primary purpose of this refundable-tax system?

Prairie Investment Services Ltd., a Canadian-controlled private corporation, reports the following income for the current taxation year:Income sourceAmountActive business income$400,000Interest income$42,000Rental income$18,000Taxable capital gain$25,000Portfolio dividends from taxable Canadian corporations$30,000What is Prairie Investment Services Ltd.’s Aggregate Investment Income (AII)?

Evergreen Investments Ltd., a Canadian-controlled private corporation, owns 4% of the voting shares and 4% of the value of Prairie Industries Ltd., a taxable Canadian corporation.During the current taxation year, Evergreen Investments received a $48,000 non-eligible taxable dividend from Prairie Industries.Prairie Industries is not connected with Evergreen Investments.What is the Part IV tax payable by Evergreen Investments, and which refundable tax account is increased?

Northern Properties Ltd., a Canadian-controlled private corporation, reports the following amounts for the current taxation year:Aggregate Investment Income: $90,000Taxable income: $520,000Income eligible for the Small Business Deduction: $460,000The Additional Refundable Tax is calculated at 10⅔% of the lesser of:Aggregate Investment Income; andTaxable income exceeding income eligible for the Small Business Deduction.What is Northern Properties Ltd.’s Additional Refundable Tax?

Prairie Services Ltd. is a corporation resident in Canada that is no longer a Canadian-controlled private corporation. The corporation has a positive Low Rate Income Pool (LRIP) balance arising from income that previously benefited from preferential corporate tax rates.Which statement best explains the significance of Prairie Services Ltd.’s LRIP balance?

Silver Ridge Manufacturing Ltd., a Canadian-controlled private corporation, reports accounting net income before income taxes of $860,000 for the current taxation year.Accounting net income includes the following items:ItemAmountAccounting amortization expense$70,000Meals and entertainment expense$40,000Charitable donation expense$50,000Dividend income from a taxable Canadian corporation$90,000Additional tax information:Maximum CCA available and claimed: $85,000Non-capital loss carryforward available: $120,000Assume the full charitable donation is deductible under the applicable limitation.What are Silver Ridge Manufacturing Ltd.’s Net Income for Tax Purposes and Taxable Income?

The library labels each book with a five-digit      code to identify the book in their computer      system.  Each code is 3 digits (0-9) followed by      two letters.  How many codes are possible?

A card is selected at random from a      standard deck of 52 playing cards.  What is      the probability that it is NOT a face card?