The Good Ship Antique(GSA) shop operates in North York, Ontario. It is small Canadian Private
Corporation and is owned by Ojibe Kilino. In 2018, GSA recorded Net Income of $198,000. Of this, $14,000 was recorded for Meals and Entertainment and $26,000 for membership in the exclusive Thornhill Golf Course. Also, Depreciation of $15,000 was recorded and the maximum of CCA that could be claimed for 2018 was $12,000.
Of the $198,000 income was made up of $20,000 dividends from various investments in public companies and the remainder was from business activity. There was also a donation to a local charity of $42,000 and had a non capital loss carryover of $6,000. Ojibe also have investments in other corporations that have access to the small business deduction and the annual business limit is $142,000.
Determine Net income for tax purposes, Taxable Income and Part 1 Tax payable for the year ending 2018.
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