It Is April and Michael Is Doing His Taxes and Is

question 3

Essay

It is April and Michael is doing his taxes and is very confused.In his finance text book, it says that in Canada, the tax system was designed to reduce the double taxation of dividends from Canadian corporations.However, he finds that on his tax return he has to "gross-up" the amount of the dividends he received and add that to his income.Explain to Michael how the Canadian personal tax system reduces the double taxation of dividends.

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