CACC522-Week02-text

CACC522-Week02-text - CACC522Week02 First quiz next week...

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CACC522 – Week02 23:46 First quiz next week Formula – Ch 03 Aggregating Formula calculate the starting point for NIFTP – net income for tax purpose A – Income sources from all - positive o Employment net employement income does not include capital gain o Business o Property o Other B Net taxable capital gains Net TCG = TCG – ACL – positive or nil o taxable capital gains – allowable capital losses C – other deductions – negative or nil o spousal support o RRSP o child care o moving expenses D – losses from other sources – negative or nil o ABIL – allowable business investment loss specific capital loss on investment add all to get NIFTP – net income for tax purposes start at NIFTP Individual Corporation Division C deductions Loss carryover (c/over) Loss c/overs Stock option deduction Donations – full deduction Capital gains deduction (CGD) – offsets a particular source of capital gain. Dividends Taxable Income
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self employed business income and spouse – tax return due June 15 individual tax return normally due April 30 tax balance due on April 30 if you owe $3000 or more, paying in quarterly installments is required. 15 of month Mar, Jun, Sept. Dec, Corporation - tax return due 6 months after fiscal year end tax funds due 2 months after fiscal year end depends on eligibility for small business deduction – ccpc o tax funds due 3 months after year end
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required to remit income tax monthly Questions Ch 1 #3 - types of income – source of income – 4 types type of entity – who (individual, corporation) jurisdiction – who to pay, federal, provincial, foreign #4 after tax approach to decision making different alternatives have different tax costs tax component to every decision cash flow – consider tax outflow do calcualtions when making decision Ch 2 #2 tax evasion – withholding information with intent to deceive. tax avoidance – uses legal transactions against the spirit of the law
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This note was uploaded on 04/14/2011 for the course ACC 522 taught by Professor A.vena during the Winter '11 term at Ryerson.

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CACC522-Week02-text - CACC522Week02 First quiz next week...

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