Meridian Inc. is a CCPC throughout the year and is not associated with any other corporation. For the year ending December 31, 2020, Meridian has Net Income For Tax Purposes of $422,000. This amount is made up of dividends from taxable Canadian corporations of $22,000, active business income of $380,000, and foreign non-business income of $20,000. The foreign income was subject to withholding in the foreign jurisdiction at a rate of 13 percent. Meridian receives a foreign tax credit against federal Tax Payable that is equal to the amount withheld. Meridian has a non-capital loss carry forward of $145,000 which it intends to deduct during 2020.
Determine Meridian's small business deduction for the year ending December 31, 2020.

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The Answer of Meridian Inc. is a CCPC throughout the year and is not associated with any other corporation. For the year ending December 31, 2020, Meridian has Net Income For Tax Purposes of $422,000. This amount is made up of dividends from taxable Canadian corporations of $22,000, active business income of $380,000, and foreign non-business income of $20,000. The foreign income was subject to withholding in the foreign jurisdiction at a rate of 13 percent. Meridian receives a foreign tax credit against federal Tax Payable that is equal to the amount withheld. Meridian has a non-capital loss carry forward of $145,000 which it intends to deduct during 2020.
Determine Meridian's small business deduction for the year ending December 31, 2020.