In addition to its active business income of $300,000, P

In addition to its active business income of $300,000, P Ltd., a CCPC, received dividends of $30,000 from a public and had a taxable capital gain of $90,000 on the sale of passive investments in 20X5. An allowable capital loss carry-over from a previous year of $20,000 was deducted in arriving at the corporation’s taxable income. Management anticipates that in 20X6, P will earn active business income of $450,000 and receive dividends from public corporations of $32,000. P is not associated with any other and has under $10 million of taxable capital. Income tax reference: ITA 125(1),(5.1),(7). Determine P’s anticipated small business deduction for the 20X6 taxation year. Assume the 20X6 taxation year begins after 2018.

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