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Unformatted text preview: each taxation year of every person resident in Canada at any time in the year. • Taxable Income is defined in Section 2 of the ITA; it is a technical phrase with a limited and special meaning. The phrase taxable income is defined in ITA 248(1). • T he word income is not defined in the ITA. • Taxation year is defined in ITA 249(1). • Resident is not fully defined in the ITA. • Canadian taxation is based on the concept of residency and not Citizenship. • Canadian residents are taxed on his or her worldwide income. The taxable income of a Canadian resident is subject to Canadian tax regardless of the country in which the income is earned or generated. Read pages 46-55 of Taxation in Canada , 2007-2008 Edition....
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This note was uploaded on 06/03/2009 for the course BUSINESS AIT 805 taught by Professor Shirenekhan during the Winter '09 term at Seneca.
- Winter '09