RSM424H1 Lecture Notes - Lecture 3: Cash Flow
11 Jun 2017
School
Department
Course
Professor
Document Summary
Chapter 3 liability for tax, income determination, and administration of the income tax system. The entities: federal and provincial income taxes are imposed on only 3 basic types of entities. Trusts: limited application to business and investment structures: proprietorships, partnerships, joint ventures, and limited partnerships are not directly taxable; rather, they are organizational structures whose profits or losses are allocated to the participating owners for tax purposes. While, at times, decisions with respect to each can be made in isolation, they generally must be considered as integrated in order for taxpayers to appreciate the impact on cash-flow decision making. This means that residency is an important factor in determining how an entity is taxed in. Canada, especially with regard to investments and business expansion abroad: each of the 2 primary taxpayers is subject to its own particular definition of residency; the term is often a point of confusion, individuals.
