For sure it would be less than 50% since CRA has a mandate not to double tax.

That's why there is lower rate on dividends than on interest/T4 income, in theory, a company's tax + what you pay on a dividend at the max marginal rate should be the same as what you pay on regular income.

http://www.canadabusinesstax.com/corporate-income-tax-rates/

Federal Corp tax rate = 16.5%

http://www.investquebec.com/en/index.aspx?page=1789

Quebec tax rate = 11.9%

So the max we would pay would be 28.40%, assuming we have no credits etc.. I'm certain we would!