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Acknowledgements
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About This Book
1.1 Describe the ITA Section 3 ordering rules formula. How does this tie into Net Income for Tax Purposes (also known as 'Division B' income)?
Amra Bayasgalan
1.2 How do you get from Net Income for Tax Purposes to Taxable Income to Tax Payable?
Gurveer Brar
1.3 Describe pension income and how it is treated for tax purposes.
Karnvir Bhoonpaul
1.4 Describe spousal support and child support payments and how they are treated for tax purposes.
Diplesh Puria
1.5 What are tax credits?
Wahaj Awan
1.6 What is the difference between a refundable and non-refundable tax credit? Describe the tax implications of some of the more common tax credits.
1.7 What are tax credits that might be relevant to a typical 20-year-old student who is also working part-time?
Manpreet Kaur
1.8 Who can claim the tuition credit?
Kevin Lee
1.9 Medical Expense Tax Credit
1.10 How are charitable donations and political donations treated on a tax return? Why are they treated this way?
Arvind Harry
1.11 What is the OAS tax credit? What is the Claw back? How is it calculated? Why does it exist?
Pavin Hundal
1.12 Disability Tax Credit
Susan Gill
2.1 Who is liable to pay tax in Canada and on what sources of income?
Sam Newton
2.2 Describe the differences between a regressive, progressive and flat tax. Provide some examples of each in Canada.
Cynara Almendarez and Sukhman Bhathal
2.3 What are the filing deadlines for an individual? Why are there different tax filing deadlines for different individuals? (6.4.1)
Arshpreet Kular
2.4 What are the filing and payment deadlines for an individual, a trust and a corporation?
Shubhneet Kaur Grewal
2.5 How are penalties and interest calculated on late payments and late filings?
Gurwant Singh
2.6 What are prescribed rates?
Harman Hayer
2.7 How does the CRA assess residency?
Amrick Sidhu and Manisha Soorah
2.8 What are the tax differences between a full-year, part-year and deemed resident?
Gurprem Dhaliwal
2.9 How are non-residents taxed in Canada?
Ritesh Dhall
2.10 What are instalment payments and how are they calculated for an individual?
Jeewanpreet Kaur
2.11 What options are available when a taxpayer disagrees with a CRA assessment?
Karen Rana
2.12 What is the difference between tax evasion, tax avoidance, tax planning and tax deferral? Provide some examples.
Deepali
2.13 What are Preparer Penalties?
Azhar Jaffari
2.14 Are foreign students in Canada eligible for residency? Are they eligible for all relevant tax credits?
Kaur Rajdeep
2.15 How and why does tax legislation exist?
2.16 What is the role of CRA?
Chandhar Arvind
2.17 What Are the Main Purposes of International Tax Treaties?
Jasmine Dhesi
2.18 What are the main deemed disposition issues when you cease to be a resident of Canada?
Md Ancher
2.19 What are the main deemed acquisition issues when you become a resident of Canada?
Basil Edavilayil
3.1 Child Care expenses and how they are treated for tax purposes?
Bhavish Toor
3.2 Describe moving expenses and how they are treated for tax purposes.
Leonor Lanon and Kayleigh Budlong
3.3 What are some common Division ‘C’ deductions and how do they impact taxes payable?
Falak Sharma
3.4 What is a business investment loss? What is the impact on Taxable Income? Why does it exist?
Bhanvi Ghai
3.5 Describe retiring allowances and how they are treated for tax purposes.
Ramneek Kaur
3.6 Describe indirect payments and how they are treated for tax purposes.
Sean Co
3.7 What are Other Incomes and Other Deductions?
Jaydeep Shergill
4.1 Why is it important to determine if someone is an employee or self-employed and how would CRA assess it?
Arshdeep Kaur
4.2 What are CPP and EI contributions, and how do we calculate them?
4.3 What are the optimal kinds of employee benefits (for both the employer and the employee)?
Karn Josan
4.4 What is an employee benefit and what are the tax implications of the most common employee benefits?
4.5 What is an allowance? What is a reimbursement? How are they treated differently for tax purposes?
Langsha Tao
4.6 How are the following common employment deductions calculated and treated for tax purposes: legal expenses, sales expenses, automobile expenses, meals, entertainment and professional dues?
4.7 What are the general rules for deduction of home office expenses for an employee vs self-employed?
Chanpreet Kang
5.1 What are the differences and similarities between a sole-proprietorship, partnership, corporation, and trust?
5.2 How do you determine if something creates business income, property income or capital gain (loss)? Why is this distinction important? (6.3.2)
Gurmehar S. Grewal and Sam Newton
5.3 Why do we need to reconcile accounting/business income to taxable income? What are some common reconciling items?
Jatin Gupta
5.4 What are the relevant sections of the ITA that deal with business income? Where does business income go in the S3 ordering rules?
Amanda Luies
6.1 What is the purpose of CCA? How is it calculated? Why are items typically ‘pooled’ into the same CCA class?
Daljinder Nijjar
6.2 What is a Terminal Loss? What is Recapture? How are they recorded in net income for tax purposes?
Gurtaj Pannu
6.3 What is the purpose of the half-year rule?
David Ren
6.4 What is the purpose of the short-fiscal period rule?
Gurvir Sahota
6.5 Can you have a capital loss on depreciable property? If not, why not?
Pooja Sehgal
6.6 What is the Accelerated Investment Incentive and what are the basics of how it works?
Addan Ayaz, Student, Kwantlen Polytechnic University
6.7 How are eligible, non-eligible and capital dividends taxed in the hands of an individual? Are there any other tax implications? Why do they have different tax treatments?
6.8 What are the attribution rules and why do they exist?
Dilpreet Grewal
6.9 What is a non-arm’s length transaction and what are the tax implications?
Vianna Tran
6.10 What are the spousal rollover provisions and why do they exist?
Simran Gill
6.11 What is the Tax on Split Income? What are the tax implications? Why does it exist?
Lovellen Cheema and Natasha Dutt
6.12 What are the available income splitting opportunities with family members?
Anita Kartawidjaja
6.13 What is the Alternative Minimum Tax? How is the AMT applied? Why does it exist?
Sharon Basi
6.14 What is GAAR? What is the Purpose of GAAR? What are the GAAR tests?
Mingyao Geng
7.1 What are the similarities and differences between an RRSP and a TFSA? For most students which would be a better investment vehicle?
Ashpreet Kaur
7.2 How much can you deduct on RRSP? How to calculate RRSP contribution limit?
Hoang Phuc
8.1 What are taxable capital gains and allowable capital losses?
Jasmine Marahar
8.2 What is Personal Use Property and Listed Personal Property? What are the tax implications? Why do these rules exist?
Raminder Sidhu
8.3 What is the Principal Residence Exemption? How does it impact Taxable Income and what are the basics of the calculation?
Aelyssa Bhatti
8.4 What are the 'change in use' rules? What are the tax implications?
Mariah Cawkell
8.5 What are the rules on identical properties? Why were these rules created?
Shelvin Chand
8.6 What are the 'replacement property' rules? Why do they exist? What are the tax implications?
Taylor Chow and Jasmine Leblanc
8.7 What is a capital gains reserve? How is it calculated? Why does it exist?
Pooja Devi
8.9 What are the superficial loss rules? What are the tax implications? Why do these rules exist?
Jason Gill
8.10 What is the Lifetime Capital Gains Deduction? How does it impact Taxable Income and what are the basics of the calculation?
Rumabel Mateo
9.1 Explain the tax concept of “integration”
Eva Viernes
9.2 What are the similarities and differences between how tax payable is determined for individuals and corporations? (Overview)
9.3 What are the similarities and differences between the various types of corporations (private, CCPC, public). (6.2.1)
Jessica Thao
9.4 What are some significant differences for the treatment of Division 'C' deductions for individuals and corporations?
Prabpreet Badyal
9.5 What is Active Business Income and Aggregate Investment Income?
9.6 How is tax payable calculated for a corporation and why is the source of the income (ABI, AII, Specified Investment Business Income etc.) important?
Amer Bassi
9.7 What is the General tax rate and the General rate reduction?
Jerred Flynn
9.8 What is the Small Business Deduction and how is it determined?
Puneet Bering
9.9 What are the associated company rules? How do they impact the small business deduction? Why do they exist?
Amaneet Dhudwal
9.10 What is a Small Business Corporation? Explain any tax advantages of being a Small Business Corporation.
Morgan Campbell
9.11 What is the Refundable Part IV tax and how is it determined? Why does it exist?
Paul Jhajj
9.12 How do the various corporate tax rates tie into the concept of integration?
9.13 How are capital dividends treated for tax purposes? How does this tie into the concept of integration?
Gurleen Kaur
9.14 As an owner of a company, when is it beneficial to claim employment income (salary) rather than dividends (and vice versa)?
Navjot Lalli
Describe scholarships and how they are treated for tax purposes
Bobinpreet Singh
What are the key rules related to an RESP?
H. Khosa
What is GST? What is the difference between GST and HST? Who pays and who charges GST? (6.7.1)
How are fully taxable, zero-rated and exempt supplies treated for GST purposes? (6.7.2)
In your own words how would you differentiate the kinds of items that are categorized as taxable, zero-rated or exempt supplies? Provide some examples of each. (6.7.2)
Who is required to register for GST? When are you required to register for GST? (6.7.2)
How is the GST payable/receivable calculated? What is the ‘quick method’ and when might it be relevant? (6.7.3)
What are the GST filing deadlines? What are the GST instalment and final payment deadlines? (6.7.4)
What are the penalties and interest for late filing of GST return? What are the penalties and interest for late instalments and final payments of GST? (6.7.4)
What are some GST considerations when transacting with non-residents? (6.7.6)
Version History
7.1 What are the similarities and differences between an RRSP and a TFSA? For most students which would be a better investment vehicle? 7.2 How much can you deduct on RRSP? How to calculate RRSP contribution limit?
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