(a) ABI Ltd.
Hong Kong, P.R.C.
(b) Nickel Company
Bd of Dirs
Books & records
Chapter 5: Capital Cost Allowance
Capital Asset An asset that is capable of producing income and is held to generate income.
The same type of asset may be classified as inventory or capital asset
depending on the business.
Capital Cost Allowance
U.S. citizen has lived in U.S.A. all of her life
Employed in Canada
Trades stocks and bonds with Canadian broker
Please take note of the following Chapter 4 provisions:
Section 12: Amounts to be included as business income
12(1)(a) Services, etc., to be rendered
12(1)(b) Amounts receivable
Section 18: deductions allowed for financial reporting, but not (o
Chapter 3: Relevant ITA provisions used to calculate value of benefit related to an
employer provided automobile.
There shall be included in computing the income of a taxpayer for a taxation year as
income from office or employment the
Chapter 6 Income from Property
Definition of Property Income:
A return that is earned by owning a property, and requires little or no effort on the part of
the owner in the earning process
Interest income (e.g., from bank accounts, term deposi