CTP_(08)_Chapter_01 - Byrd & Chens Byrd & Chens...

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Unformatted text preview: Byrd & Chens Byrd & Chens Canadian Tax Principles Canadian Tax Principles 2008/2009 Edition 2008/2009 Edition Chapter 1 Chapter 1 Introduction To Federal Taxation Introduction To Federal Taxation In Canada In Canada 2008, Clarence Byrd Inc. 2008, Clarence Byrd Inc. 2 Alternative Tax Bases Alternative Tax Bases Federal Revenues $245.8 Billion 2008/09 Personal Income (49%) Corporate Income (15%) EI Contributions (7%) GST (11%) Other (18%) 2008, Clarence Byrd Inc. 2008, Clarence Byrd Inc. 3 Taxable Entities Taxable Entities Individuals Corporations Trusts 2008, Clarence Byrd Inc. 2008, Clarence Byrd Inc. 4 Federal/Provincial System Federal/Provincial System Individual with Taxable Income of $20,000 Federal Tax - @ 15% $3,000 Provincial Tax (Assumed) - @ 7% 1,400 Total $4,400 2008, Clarence Byrd Inc. 2008, Clarence Byrd Inc. 5 Federal/Provincial System Federal/Provincial System Public Corporation With Taxable Income of $100,000 Federal Tax - @ 21% $21,000 Provincial Tax (Assumed) - @ 13% 13,000 Total $44,000 2008, Clarence Byrd Inc. 2008, Clarence Byrd Inc. 6 Economic Objectives Economic Objectives Resource Allocation Distribution Effects Stabilization Effects Fiscal Federalism 2008, Clarence Byrd Inc. 2008, Clarence Byrd Inc. 7 Taxation And Income Levels Taxation And Income Levels Progressive Systems Regressive Systems 2008, Clarence Byrd Inc. 2008, Clarence Byrd Inc. 8 Taxation And Income Levels Taxation And Income Levels Evaluation Progressive Is Viewed As Fair (Ability To Pay) Regressive Or Flat Less Complex Doesnt Kill Initiative Doesnt Encourage Evasion Fairer If Income Fluctuates Fairer To One Income Families Flat Tax Systems (Good For Simplicity) 2008, Clarence Byrd Inc. 2008, Clarence Byrd Inc. 9 Tax Incidence Tax Incidence Tax Assessed On Corporation Who Pays? Shareholders? Customers? 2008, Clarence Byrd Inc. 2008, Clarence Byrd Inc. 10 10 Tax Expenditures Tax Expenditures Examples (2008) Basic Personal Credit - $26.3 Billion RRSP Deductions - $8.6 Billion Capital Gains - $3.4 Billion 2008, Clarence Byrd Inc. 2008, Clarence Byrd Inc....
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This note was uploaded on 07/24/2011 for the course ACCT 3335 taught by Professor Chong during the Spring '11 term at Kwantlen Polytechnic University.

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CTP_(08)_Chapter_01 - Byrd & Chens Byrd & Chens...

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