CACC522-Week13-text

CACC522-Week13-text - CACC522Week13 Exam4questions

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CACC522-Week13 19:57 Exam 4 questions Calculate individual federal taxes Calculate corporate federal taxes emphasis last chapters calc net income employment income property income capital gains Dividend tax rates eligible o 18% deduction on grossed up non-eligible o 13.3% deduction on grossed up dividends received by individual effective combined Ontario rates eligible o gross up 1.44 o 27% tax rate effective without grossing up
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non eligible o gross up 1.25 o 33% tax rate effective without grossing up calculated using top marginal personal tax rates Eligible dividends Depends on rate of tax paid on that income o Non-eligible - tax rate 16% small business deduction o eligible – 31% Ontario CCPC only first 500k per year gets smaller tax rate GRIP - General Rate Income Pool o notional pool  LRIP – Low Rate Income Pool o Personal individual tax rate %’s 15, 22, 26, 29 Active business income tax rates No chapter 12 supplement section 85 rollover
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Corporate Tax Basic – 38% Abatement (10%) off – permanent establishment in a canadian province One of the deductions below are mutually exclusive.  SBD – ABI – 500k (17%) reduction
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CACC522-Week13-text - CACC522Week13 Exam4questions

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