Chapter1Solutions

Chapter1Solutions - Chapter 1 ACCT6001 Personal Taxation...

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Chapter 1 – ACCT6001 – Personal Taxation Solution 1 The following summary is discussed in more detail below: Case Topic Part Division Subdivision Provision (A) Person . .................................................... XVII subsection 248(1) (B) Donation by individual. .......................... I E a subsection 118.1(3) (C) Balance-due day. ..................................... XVII subsection 248(1) (D) Life insurance premiums . ....................... I B a subsection 6(4) (E) Capital dividend. ..................................... I B h subsection 83(2) (F) Income tax instalments for individual. .... I I subsection 156(1) (G) Qualified small business corporation share I C subsection 110.6(1) (H) Information return for dividends. ............ Reg. Part II, paragraph 201(1)( a ) (I) Definition of testamentary trust. ............. I B k subsection 108(1) (J) Employee loan. ....................................... I B f subsection 80.4(1) (K) Disposition of non-depreciable capital property. .................................................. XVII subsection 248(1) (L) RRSP administration fees. ...................... I B b paragraph 18(1)( u ) (M) Limit on deductible expenses. ................. I B f section 67 (N) Taxable dividends received by Canadian corporation. ............................................. I C subsection 112(1) (O) RRSP excess contributions. .................... X.I subsection 204.1(1) (A) Person — Part XVII, subsection 248(1): The term is used throughout the Act, so it is likely to be found in the interpretation section. The definition is similar to many in the Act in that it does not tell you exactly what a person is; it tells you what a person includes. (B) Donation by an individual — Part I, Division E, Subdivision a, subsection 118.1(3): Tax credits are found in Division E. Credits that are particular to individuals are found in Subdivision a of Division E. (C) Balance-due day — Part XVII, subsection 248(1): The term has application to all tax filers and, therefore, should be found in the interpretation section. However, the term has a different meaning depending on the type of tax filer. For trusts and individuals, specific timing is provided. For corporations, the provision refers to section 157. (D) Group term life insurance premiums paid by employer — Part I, Division B, Subdivision a, subsection 6(4): Payments made on behalf of an employee by an employer likely result in income from employment. Subdivision a includes the provisions for calculating income from employment. (E) Capital dividend — Part XVII, subsection 248(1): The term is found in subsection 248(1) but a definition is not actually provided, only a reference. It refers to another section — Part I, Division B, Subdivision h, subsection 83(2): Capital dividends are tax-free distributions by a corporation to its shareholders, so the provision is likely to be found in Part I, Division B, Subdivision h that deals with corporations and their shareholders. (F) Income tax instalments for an individual — Part I, Division I, subsection 156(1): The information that is required
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This note was uploaded on 09/30/2008 for the course ACCT 360 taught by Professor Jones during the Summer '08 term at Windsor.

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Chapter1Solutions - Chapter 1 ACCT6001 Personal Taxation...

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