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 are eligible for the general tax 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.

Question

Quizplus · Accepted Answer

Public and private Canadian corporations are eligible for the general tax reduction, which reduces the corporate tax rate on active business income.

Which of the Following Statements Accurately Describes the Tax Treatment