For a Canadian Controlled Private Corp designated as a Specified Investment Business I believe the tax rate is 50.20% (i.e. 38.7% Federal +11.5% Provincial - Ontario). However, the software is calculating less tax. I think this is because Line 604 on my return is showing as 0 when there should be an addition refundable tax of 10.66%. Not sure how to fix this?
Line 604 - Refundable tax on CCPC's investment income
An additional refundable tax is levied on the investment income (other than deductible dividends) of a CCPC. For tax years that end after 2015, the rate is 10 2/3%. A CCPC with investment income has to calculate this additional tax on page 8 and enter the amount on line 604.
