Jonathan has declared psychology as his major. He will be studying:

_____ promotes communication between neurons, whereas _____ inhibits communication between neurons.

Mountain View Consulting Ltd., a Canadian-controlled private corporation, has accumulated a positive General Rate Income Pool (GRIP) balance.What does this balance generally allow the corporation to do?

At the end of the current taxation year, Valley Investments Ltd. has the following refundable tax balances before considering dividend refunds:AccountBalanceNERDTOH$6,000ERDTOH$15,000During the year, Valley Investments paid:$24,000 of non-eligible dividends; and$18,000 of eligible dividends.Assume the dividend refund rate is 38⅓%.What is Valley Investments Ltd.’s total dividend refund and its closing RDTOH balances?

Which group consists entirely of amounts that are generally included in a corporation’s Aggregate Investment Income (AII)?

Prairie Financial Ltd., a Canadian-controlled private corporation, reports the following information for the current taxation year:Opening balancesAccountBalanceNERDTOH$10,000ERDTOH$8,000Current-year additionsAccountAdditionNERDTOH$16,000ERDTOH$5,000During the year, Prairie Financial paid:$42,000 of non-eligible dividends$24,000 of eligible dividendsFederal corporate tax payable before considering the dividend refund is $70,000.Assume the dividend refund rate is 38⅓%.What are Prairie Financial Ltd.’s dividend refund, closing RDTOH balances and net federal corporate tax payable?

Jordan received an eligible dividend of $40,000 from a taxable Canadian corporation during the year.Use the following rates:Eligible dividend gross-up: 38%Federal dividend tax credit: 15.02% of the grossed-up dividendWhat amounts will Jordan report as taxable dividend income and claim as the federal dividend tax credit?

Summit Capital Ltd., a Canadian-controlled private corporation, reports the following information for the current taxation year:Income sourceAmountActive business income$360,000Interest income$45,000Rental income$15,000Taxable capital gain$15,000Non-eligible portfolio dividends$30,000Summit Capital also received a $25,000 eligible dividend from a connected corporation. The connected corporation:paid total eligible dividends of $100,000; andreceived an ERDTOH dividend refund of $12,000 as a result of paying those dividends.Assume:The full AII amount is subject to both components of refundable Part I tax.Refundable portion of regular Part I tax: 20%Additional Refundable Tax: 10⅔%Part IV tax rate on dividends received from a non-connected corporation: 38⅓%What are Summit Capital Ltd.’s current-year additions to NERDTOH and ERDTOH?

Prairie Holdings Ltd. owns 40% of the voting shares and 40% of the value of Mountain Manufacturing Ltd. The corporations are connected for Part IV tax purposes.During the current taxation year:Mountain Manufacturing paid $100,000 of eligible dividends to all shareholders.Prairie Holdings received $40,000 of those dividends.Mountain Manufacturing received an $18,000 dividend refund from ERDTOH as a result of paying the dividends.What is Prairie Holdings Ltd.’s Part IV tax, and which refundable tax account is increased?

Prairie Investment Services Ltd., a Canadian-controlled private corporation, reports the following income for the current taxation year:Income sourceAmountActive business income$400,000Interest income$42,000Rental income$18,000Taxable capital gain$25,000Portfolio dividends from taxable Canadian corporations$30,000What is Prairie Investment Services Ltd.’s Aggregate Investment Income (AII)?