Line 604 - Refundable tax on CCPC's investment income is not calculating correctly.

[anitalsaldanha]

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.

[anitalsaldanha]

Hope I can find an answer soon.

[william_newfeld]

Hello,

In version 2017.5.0 of the TurboTax Business Incorporated there was a problem with line 604 of the T2 jacket causing a zero calculation to be done for the 10.67%.  We corrected this issue in version 2017.6.1 which is now currently available for download.  Please contact our support for more information on this error at 1-866-438-8020.