Question

Which of the following statements accurately describes the tax treatment of canadian corporations?

a. public and private canadian corporations are eligible for the small business deduction.
b. public and private canadian corporations may be eligible for the general rate reduction.
c. public corporations are granted beneficial tax treatment on the first $500,000 of business income.
d. canadian controlled private corporations recognize the general tax reduction on all business income.

Answer 1

The tax treatment of Canadian corporations includes options such as the small business deduction, general rate reduction, and beneficial tax treatment for public corporations.

Step-by-step explanation:

A. Public and private Canadian corporations are eligible for the small business deduction.

B. Public and private Canadian corporations may be eligible for the general rate reduction.

C. Public corporations are granted beneficial tax treatment on the first $500,000 of business income.

D. Canadian controlled private corporations recognize the general tax reduction on all business income.