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corptaxtemplate_2010_11 - Corporate tax template(DOES NOT...

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Corporate tax template (DOES NOT INCLUDE FTC IMPLICATIONS) Taxable Income : Net Income for Tax purposes less Division C deductions for corporations Loss carryover amounts Charitable donations (limit to 75% of Div B income) (cfwd 5 years) Taxable Canadian dividends [s.112] [From taxable Canadian corporations] Foreign affiliate dividends [s.113] [Canadian corporation has equity of at least 10% in the foreign corporation] = Taxable Income (TI) CCPC – Overall tax calculation Total Tax Payable Part 1 Tax $xx + Part IV Tax xx - Dividend Refund (xx) Total Tax Payable $XX Part 1 Tax Components Comments Federal basic tax : 38% x TI (Taxable income) 10% general deduction from tax (for 2010) if non preferential treatment (If corporation is eligible for small business deduction, M&P credit or refundable tax on investment income then this reduction may not apply ) (-) Abatement 10% x TI Federal tax abatement – this is a reduction (10% of a corporation’s taxable income earned in a province as a partial relief for provincial taxes).
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