Elaine Ltd. is a Canadian-controlled private corporation. Its refundable dividend tax on hand
(RDTOH) account at December 31, 2018 was $ Nil. For its 2019 taxation year the following
a) The corporation received non-eligible Canadian taxable dividends of $60,000.
b) The corporation received Canadian interest income of $ 40,000
c) The company received eligible Canadian taxable dividends of $ 30,000
d) The company paid taxable non-eligible dividends of $ 75,000
Required: (show all calculations)
a)- Calculate the balances of the Elaine Ltd.'s eligible and non-eligible RDTOH accounts at its yearend date of December 31, 2019.
b)- Calculate the 2019 dividend refunds for Elaine Ltd.