chap01 - CHAPTER 1 Introduction Problem 1 Identify the...

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Unformatted text preview: CHAPTER 1 Introduction Problem 1 Identify the provision of the Act which deals with each of the following items. Be as specific as possible in citing the reference to the Act (Part, Division, Subdivision, Section, Subsection, etc.). Use of the sectional list at the beginning of the CCH edition of the Act and/or the topical index at the end of the book may be helpful. However, using the CD included with this text may provide faster search results. Refer to Chapter 19 for instructions on how to search. (A) Definition of a person. (B) Tax credit for donation made by a Canadian resident individual to a Canadian university. (C) Definition of balance-due day. (D) Taxability of group term life insurance premiums paid by an employer on behalf of an employee. (E) Definition of capital dividend. (F) Computation of income tax instalments for individuals. (G) Definition of a qualified small business corporation share. (H) Prescribed requirement to file an information return for a corporation paying a dividend. (I) Definition of a testamentary trust. (J) The calculation of a benefit associated with an interest-free loan from an employer to an employee. (K) Definition of a disposition of non-depreciable capital property. (1) Limitation on deduction of RRSP administration fees. (M) General limitation on the amount of deductible expenses. (N) Deduction from taxable income for taxable dividends that were received by a Canadian corporation. (O) Tax payable on excess contributions to an RRSP. 1 Introduction to Federal Income Taxation in Canada 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) (1) 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..................................................
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chap01 - CHAPTER 1 Introduction Problem 1 Identify the...

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