Which statement regarding the tax system is true?

A) For small Canadian-controlled private corporations, income less than $400,000 is exempt from taxes. Thus, government receives no tax revenue from these businesses.
B) All businesses, regardless of their legal form of organization, are taxed by the Canada Revenue Agency (CRA) .
C) Corporate income taxes are influenced by the size and location of the companies and their income types.
D) All corporations other than nonprofit corporations are subject to corporate income taxes, which are 26.5% for the lowest amounts of income and 32.5% for the highest amounts of income.

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Zybrea Knight · Accepted Answer

Final Answer : C, Explanation :  Corporate income taxes vary based on factors such as the size of the company, its location, and the type of income it generates. This allows for a more nuanced approach to taxation, recognizing the diversity among corporations.

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