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Calculate the balances of the elaine ltd eligible

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Reference no: EM132572949

Elaine Ltd. is a Canadian-controlled private corporation. Its refundable dividend tax on hand (RDTOH) account at December 31, 2018 was $ Nil. For its 2019 taxation year the following transactions occurred:

a) The corporation received non-eligible Canadian taxable dividends of $60,000.

b) The corporation received Canadian interest income of $ 40,000

c) The company received eligible Canadian taxable dividends of $ 30,000

d) The company paid taxable non-eligible dividends of $ 75,000

Required: (show all calculations)

Question a)- Calculate the balances of the Elaine Ltd.'s eligible and non-eligible RDTOH accounts at its yearend date of December 31, 2019.

Question b)- Calculate the 2019 dividend refunds for Elaine Ltd.

Reference no: EM132572949

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