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Calculate the balance in Elaine Ltds RDTOH account

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Question - Elaine Ltd. is a Canadian-controlled private corporation. Its refundable dividend tax on hand (RDTOH) account on December 31, 2018 was $35,000. For its 2019 taxation year, its refundable portion of Part I tax was $23,000. The corporation received no dividends in 2019. It paid taxable dividends of $60,000 in 2018 and $75,000 in 2019. Calculate the balance in Elaine Ltd.'s RDTOH account at December 31, 2019?

a) $13,000

b) $33,000

c) $35,000

d) $38,000

Reference no: EM132612659

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