COMMERCE 4SC3 Lecture Notes - Lecture 1: Foreign Tax Credit, Public Company, Corporate Tax
24 Jan 2019
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Need to remember chapter 4,5,6,7&8 (capital gains and losses) Property income or past income (rent, royalties, interest and dividends) Chapter 11: calculating corporate tax for public companies. Public company: stocks listed on stock exchange or subsidiary of a company listed on stock exchange. Ccpc: not listed on stock exchange and 50% of shareholders are in canada. Private company: not listed on stock exchange and voting control is held by people not in. Bob incorporates company in canada and lives here. He gets sick and tired of living here, broke residency and lives in u. s. so it changes from ccpc to private company) We"re calculating division b income, taking away division c deductions which are 3 possibilities: loss carry forwards (abil, net capital loss, non-capital loss) Net capital loss: this is an allowable capital loss that can"t be used this taxation year. This can be carried back 3 years or carried forward indefinitely.
