Understanding taxable income and tax calculation
Canadian corporation based on its income statement. For simplicity, we’ll use fictional numbers and assume the corporation is subject to the federal corporate income tax rate and relevant provincial tax rates. Here’s a sample income statement for our fictional corporation: Revenue: $1,000,000 Cost of Goods Sold (COGS): $400,000 Gross Profit: $600,000 Operating Expenses: $300,000 Operating […]
