CACC522-Week07-text

CACC522-Week07-text - CACC522Week07 Talkaboutmidtermtest...

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CACC522-Week07 17:05 Talk about mid term test median – 61% #1 – Residency median – 10.5/15 significant ties trumps days in the country according to common law #2 – employment income – median 14/25 identify topic, how to correct,  commissions earned is incorrect, taxed on cash basis eg. operating benefit – incorrect calculation, because cost to company is incorrect stock option deduction - if benefit is wrong, deduction  used in calculating taxable income, not employment income moving allowance must be included, not exempt 10,000 taxable benefit moving expenses deduct in part c, not in net employment income Hockey tickets – 50% only, business entertainment Golf is 100% denied Golf restaurant – 50% allowed
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RSP – 3000 contributed RPP, DBP, not taxable RRSP is taxable benefit included in income deduction does not happen in employment income, should be done in part c #3, median 16/30 start with net income before taxes loss on properties –  capital gain,  sale of trucks which is a depreciable item – no capital loss on depreciable items o class 10, not 10.1 o cannot calculate a terminal loss if not the last asset in pool 60,000 leasehold 51000 referred to leasehold License Class 14, prorated for number of days until year end. Bonus have to be paid within 180 days of the year-end, May 31 is more than 180 days Cannot deduct it since payment was late Hockey tickets are deductible Capital Gains – Chapter 8
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Capital property Capital gains taxed at 1/2, business income taxed at full rate. based on case 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-Week07-text - CACC522Week07 Talkaboutmidtermtest...

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