Canadian Tax Principles 1999-2000 Edition
This text is appropriate for one- or two-term courses covering personal and corporate taxation. Written in an accessible style, this text assumes that the student has had no previous education in taxation. Canadian Tax Principles can be used with or without other source materials. This includes the Income Tax Act, Information Circulars, Interpretation Bulletins, and other official materials. The Income Tax Act is referenced in the text where appropriate for further independent study. Students should be able to solve all of the end-of-chapter problems by relying solely on the text as a reference.
- Paperback | 970 pages
- 213.36 x 271.78 x 25.4mm | 1,383.45g
- 20 Aug 1999
- Pearson Canada, Toronto
- Prentice-Hall (Canada)
- Scarborough, Canada
Table of contents
1. Introduction to Federal Taxation in Canada. The Canadian Tax System. Canadian Federal Income Tax Legislation. Canadian Federal Sales Tax Legislation. Interpretation of Tax Legislation. References. Assignment Problems. 2. Procedures and Administration. Introduction. Administration of the Department.Source Deductions. Returns and Payments-Individuals. Returns and Payments-Corporations. Returns and Payments-Trusts. Income Tax Information Returns. Refunds. Books and Records. Assessments. Adjustments to Income Tax Returns Appeals. Tax Evasion, Avoidance and Planning. General Anti-Avoidance Rule (GAAR). References. Problems for Self Study. Assignment Problems. 3. Liability for Tax. Liability for Income Tax. The Concept of Income. Rules for Computing Net Income. Principles of Tax Planning. References. Exercises. Problems for Self Study. Assignment Problems. 4. Goods and Services Tax. Introduction. Transaction Tax Concepts. Definitions of GST Terms. Commercial Activity. Liability for GST. Accounting and the GST. Concept of Supply. Input Tax Credits. Procedures and Administration. Specific Applications. Relief for Small Businesses. Harmonized Sales Tax (HST). Exercises. Problems for Self Study. Assignment Problems. 5. Income or Loss from an Office or Employment. General Rules. Inclusions-Basic Provisions. Inclusions-Detailed Considerations. Specific Deductions. Employee and Partner GST Rebate. References. Exercises. Problems for Self Study. Assignment Problems. 6. Retirement Savings and Other Special Income Arrangements. Planning for Retirement. System Overview. Registered Retirement Savings Plans (RRSPs). Registered Pension Plans (RPPs). Registered Retirement Income Funds (RRIFs). Deferred Profit Sharing Plans. Profit Sharing Plans. Retirement Compensation Arrangements. Salary Deferral Arrangements. Transfers Between Plans. References. Exercises. Problems for Self Study. Assignment Problems. 7. Income or Loss from a Business. Defining Business Income. Determination of Business Income. Business Income - Inclusions (Revenues). Restrictions on Deductions from Business and Property Income. Restrictions on Deductions from Business, Property, or Employment Income. Restrictions on Claiming Input Tax Credits. Business Income - Specific Deductions. Business Income - Example. Taxation Year. Special Situations. References. Exercises. Problems for Self Study. Assignment Problems. 8. Capital Cost Allowances and Cumulative Eligible Capital. Capital Cost Allowance System. Additions to Capital Cost. Capital Cost Allowances. Disposals of Depreciable Assets. CCA Schedule. CCA Determination - Special Situations. Cumulative Eligible Capital. References. Appendix - CCA Rates for Selected Assets. Problems for Self Study. Assignment Problems. 9. Capital Gains and Capital Losses. Economic Background. General Rules. Transitional Rules. Transitional Rules. Detailed Application of the Rules. Provisions for Special Assets. Capital Gains and Tax Planning. Capital Property and the GST. References. Exercises. Problems for Self Study. Assignment Problems. 10. Non Arm's Length Transactions, Income Attribution, and Deemed Dispositions. Non Arm's Length Transfers of Property. Leaving or Entering Canada. Death of a Taxpayer. References. Exercises. Problems for Self Study. Assignment Problems. 11. Income From Property, Other Income and Other Deductions. Property Income-General Concept. Interest Income. Interest as a Deduction. Royalties and Payments Based on Production or Use. Rental Income. Dividends from Canadian Corporations. Foreign Source Income. Shareholder Benefits. Securities Lending Arrangements. Other Sources of Income. Other Deductions. References. Exercises. Problems for Self Study. Assignment Problems. 12. Taxable Income for Individuals. Introduction. Deduction For Stock Option Income. Treatment of Losses. Lifetime Capital Gains Deduction. Other Deductions and Inclusions in Taxable Income. Ordering of Deductions and Losses. References. Appendix to Chapter 12: 1994 Transitional Election - Capital Gains. Exercises. Problems for Self Study. Assignment Problems 13. Taxes Payable for Individuals. Calculation of Taxes Payable. Tax Credits. Child Tax Benefit System and Canada Child Tax Benefit System. Social Benefits Repayment (OASand EI). Comprehensive Example. Alternative Minimum Tax. References. Sample Individual Tax Return. Exercises. Problems for Self Study. Assignment Problems. 14. Taxable Income and Taxes Payable for Corporations. Computation of Net Income. Computation of Taxable Income. Geographical Allocation of Income. Types of Corporations. Federal Taxes Payable. Large Corporations Tax. Small Business Deduction. Foreign Tax Credits for Corporations. References. Exercises. Problems for Self Study. Assignment Problems. 15. Integration, Refundable Taxes, and Special Incentives for Corporations. Manufacturing and Processing Profits (M & P) Deduction. Investment Tax Credits. Special Incentives for (SR&ED) Expenditures. Integration. Tax Basis Shareholders' Equity. Distributions of Corporate Surplus. Refundable Taxes on Investment Income. Refundable Part 1 Tax on Income from Investments. Refundable Part IV Tax on Dividends Received. Refundable Dividend Tax on Hand (RDTOH). References. Sample Corporate Tax Return. Problems for Self Study. Assignment Problems. 16. Corporate Taxation and Management Decisions The Decision to Incorporate. Salary Vs. Dividends for the Owner-Manager. References. Exercises. Problems for Self Study. Assignment Problems. 17. Rollovers Under Section 85. Rollovers Under Section 85. General Rules for the Transfer. Transfer Prices - Detailed Rules. Allocation of the Elected Value. Paid Up Capital of Shares Issued. Indirect Gift Rules - Section 85. Section 85 Rollovers - Comprehensive Example. GST and Section 85 Rollovers. Divident Stripping - ITA 84.1. Capital Gains Stripping - ITA 55(2). References. Exercises. Problems for Self Study. Assignment Problems. 18. Other Rollovers, Business Valuation, Sale of an Incorporated Business and Tax Shelters. Introduction. Share for Share Exchanges. Exchange of Shares in a Reorganization. Amalgamations. Winding Up of a 90 Percent Owned Subsidiary. Winding Up of a Canadian Corporation. Convertible Properties. The Valuation of a Business. Sale of an Incorporated Business. Tax Shelters. References. Problems for Self Study. Assignment Problems. 19. Trusts and Estates. The Nature of Trusts. Types of Trusts. Taxation of Personal Trusts. Trust Tax Returns. Dispositions of Trust Property. Offshore Trusts. GST and Trusts. References. Problems for Self Study. Assignment Problems. 20. Partnerships. The Nature of Partnerships. Taxation of Partnership Income. Corporate Partnerships. Partnership vs. Incorporation. Disposition Of A Partnership Interest. Rollovers Involving Partnerships. GST and Partnerships. References. Problems for Self Study. Assignment Problems. 21. Taxation of International Income. Principles of International Taxation.