Comparison of the result in part c and part f part c

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Comparison of the result in Part C and Part F: Part C Part F Base Amount Of Part I Tax (38%)($41,000) $15,580.00 $15,580.00 Additional Refundable Tax On Investment Income 667 207 Federal Tax Abatement (10%)($41,000) -4100 -4100 Small Business Deduction -5270 -6441 Foreign Non-Business Income Tax Credit -3000 -950 General Rate Reduction Nil Nil Part I Tax Payable $3,887.00 $4,296.00 Part G – Tax Planning Issues An alternative for tax planning would be to deduct less of this carry forward, an approach that would p deduction and the federal foreign non-business tax credit in the current year. If a Company is confiden they could be eligible for $500,000 small business deduction, which could be the best solution, since t
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Sheet1 Page 6 it is not used in the current period. The downside to this approach would include paying taxes on top o In the text, which states any excess of taxes withheld over the amount deductible as a foreign non-bus determination of Net Income For Tax Purposes. On the other hand, this deduction is worth less than a that it might be useful to increase Taxable income by reducing the non-capital loss carrying forward. T but it would allow additional used of the $3,000 withholding on foreign non-business income as a cred
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Sheet1 Page 7 = $6,400. ents are required. would be required. nstalments are required. talments of
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Sheet1 Page 8 nstalments are required. y 10 monthly instalments of [($74,500 - (2)($6,025)]/10], $74,500, which is less than the payments of $78,300 under the first alternative. be the best in that the first tow payments are lower. in Class 8 assets.
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Sheet1 Page 9 ess deduction of nt of the lesser of:
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Sheet1 Page 10
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Sheet1 Page 11 provide for taking more of the small business nt in regards to having more active business income than there is no carry forward of the small business deduction if
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Sheet1 Page 12 of the additional income during the current year. siness tax credit can be deducted under ITA 20(12) in the a credit against Tax Payable. This would suggests This would result in the payment of additional taxes in current year, dit against Tax Payable.
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