A Ltd. is a CCPC that operates a chain of fast-food restaura…
A Ltd. is a CCPC that operates a chain of fast-food restaurants. In its most recent taxation year, the Company reported the following: Active business income eligible for the SBD $200,000 Taxable capital gains Nil Foreign investment income 55,000 Investment income earned in Canada 45,000 Net Income $300,000 Taxable Income $250,000 The Company paid no foreign income tax on its foreign investment income. A Ltd. is not associated with any other corporations. None of the investment income earned is from the receipt of taxable dividends.Which one of the following amounts represents the refundable portion of Part I tax?