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During the Current Year, Norton Tools Ltd

Question 63

Multiple Choice

During the current year, Norton Tools Ltd.has net taxable capital gains of $45,000, re- ceives dividends from taxable Canadian corporations of $34,000, and earns interest income of $21,000.Taxable Income for the year equals $280,000, of which $210,000 is eligible for the small business deduction.The Company's additional refundable tax for the year is equal to:


A) $4,667.
B) $6,667.
C) $4,400.
D) $5,267.

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