Complete%20Corporate%20Tax%20Calculation

Complete Corporate - Steps in Corporate Tax Calculation a work in process 1 Determine NIFTP W orking from financial statements and any other

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Steps in Corporate Tax Calculation - a work in process 1) Determine NIFTP Working from financial statements and any other information that is provided calculate NIFTP Determine the components of NIFTP Canadian Active Business Income (For SBD) Foreign Business Income Canadian Investment Income Foreign Non-Business Income Dividends from Connected corporations Portfolio dividends 2) Determine Taxable Income Deductions from NIFTP: Loss carryforwards Dividends from taxable Canadian Corporations Charitable donations 3) Determine the following information if needed for the tax calculation: Make sure you know what kind of corporation it is: CCPC, Public, Private Aggregate Investment Income Foreign Tax Credits for purposes of Small Business Deduction calculation Reduction for large corporations Geographic allocation 4) Tax Calculation: All companies Basic Federal Tax = 38% x Taxable Income Add All companies Federal Tax Abatement = 10% x TI x % earned in a province
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This note was uploaded on 01/31/2011 for the course MOS 4462 taught by Professor Ann during the Fall '10 term at UWO.

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Complete Corporate - Steps in Corporate Tax Calculation a work in process 1 Determine NIFTP W orking from financial statements and any other

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