IntroToTaxation

IntroToTaxation - 1 DRAFT INTRODUCTION TO TAXATION F. BARRY...

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DRAFT INTRODUCTION TO TAXATION F. BARRY GORMAN, PHD, CA, TEP INTRODUCTION PART I — OVERVIEW OF THE THEORY OF TAXATION 1. What is a Tax? 2. Why Governments Tax (a) Overview (b) Inequities Due to Market Failure (c) Existence of Externalities (d) Provision of Public Goods (e) Economy or Efficiency of Government-Provided Services 3. What Types of Taxes Can be Levied? (a) Related to Visibility (i) Direct Taxes (ii) Indirect Taxes (b) Related to the Purpose of the Tax (i) General Revenue Tax (ii) Earmarked Taxes (c) Related to the Base (i) Income as the Base (ii) Consumption or Expenditure as the Base (iii) Wealth as the Base (iv) Commodity as the Base (v) Excess Profits Tax (vi) Surtaxes (vii) Payroll Taxes (viii) Capital Taxes (ix) Poll Tax (x) Estate (Succession) Taxes (xi) Gift Taxes (xii) Unitary Taxation (xiii) Minimum Tax (xiv) Turnover Tax (d) Policy Implications 4. Economic Effects of Taxation (a) Overview (b) Industry and Employment Location (c) Labour Supply (d) Utilization of Labour Versus Capital Equipment (e) Investment Decisions 1
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(i) Profit Maximizing Firms (ii) Flow of Funds Model (iii) Satisficing Firms (f) Type of Business Organization (g) Consumer Prices (h) Risk Taking (i) Capital Supply (j) Savings (k) Economic Growth (l) Income Redistribution (m) Consumption Decisions (n) Form of Financing (o) Dividend Policy PART II — OVERVIEW OF CANADIAN TAXATION 1. Historical Review and Milestones in the Development of Canadian Tax Law (a) Overview (b) French and British Colonial Period (c) Confederation and the British North America Act (d) The 1867-1916 Period (e) First World War and Post-War Period (f) Second World War and Post-War Taxes (i) Death Duties and Post-War Taxes (ii) 1962 – Royal Commission on Taxation (iii) 1967 – The Carter Report (iv) 1969 – Proposals for Tax Reform (g) Tax Reform Era (i) Bill C-259 (ii) 1974 – Indexation (iii) Taxation Extended to Northern Canada (iv) The National Energy Program (v) Alberta Institutes a Separate Corporation Income Tax Regime (h) Current Income Tax Act (i) 1987 – White Paper on Tax Reform (j) Mintz Report (k) Re-Organization of Tax Department (l) Provinces Move to Tax on Net Income (TONI) (m) Harmonization of the GST and Provincial Retail Sales Taxes (n) Ontario Corporation Income Tax 2. Institutional Framework 2
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INTRODUCTION This note reviews a number of fundamental policy, definitional, economic, and historical issues related to the Canadian taxation system. Part I defines a tax, briefly discusses the reasons why governments levy taxes, enumerates the general types of taxes which can be levied, and briefly discusses the economic consequences of taxation. These issues form the essential basis for a discussion of the policy implications of specific tax measures. Part II chronologically summarizes the development of the Canadian tax system and identifies the government departments responsible for the initiation, enactment and administration of tax measures.
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This note was uploaded on 01/07/2012 for the course ACCT 4453 taught by Professor Gorman during the Spring '11 term at Dalhousie.

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IntroToTaxation - 1 DRAFT INTRODUCTION TO TAXATION F. BARRY...

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