With respect to GRIP and LRIP balances, which of the following statements is correct?
A) The GRIP account is used to track balances that can be used by a CCPC as the basis for designating eligible dividends.
B) The GRIP account is used to track balances that have not been subject to full corporate tax rates.
C) The LRIP account is used to track balances that can be used by any company as the basis for designating non-eligible dividends.
D) The LRIP account is used to track balances that can be used by non-CCPCs as the basis for designating eligible dividends.
Correct Answer:
Verified
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