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CACC522-Week01-text

CACC522-Week01-text - CACC522Week01...

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CACC522-Week01 23:44 Intro to personal and corporate Instructor: Antonieta Vena CA email: [email protected] Ch 1 – key concepts A B 10000 10000 Tax rate 25% 50% Net cash flow 7500 5000 Tax is controllable and should not be forgotten. Cash flow is a common manner in evaluating options. Tax is a cash outflow base decision on after tax cash flow not pre-tax cash flow Tax Variables Who Indivduals,  Corporations,  Trust What Employment,  business,  capital gains,  property income other - catchall Where – to whom focus on income tax Federally – Gov’t of Canada Provincially, Territory Foreign Jurisdictions – USA, etc. Ch 2 Tax Planning Use tax laws to arrange financial affairs to minimize or defer tax.
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Defer tax is better due to Time value of money Not tax evasion Omitting or committing an act with the intent to deceive o Not declaring income o Declaring fictitious expenses
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