BU466 Lecture Notes - Lecture 7: Credit Union, Foreign Tax Credit, Income Tax
Document Summary
Chapter 12 notes: focus on the first half of the chapter is the business income. Property and net taxable gain investment income. Active business income from the ccpc lowest tax rate. Income tax has many reasons: provide the government revenue, to avoid indefinite tax deferrals don"t want people to use corporations to take advantage of the tax system, someday money must come out the corporations as dividends. Refundable tax method when the corporation pays out the taxable dividend, we will refund some of the corporate tax, to take away the double tax effect. Bring the corporate tax rate down so that its more fair. Ontario: business income 15-sbd limit, aggregate invest income 19. 5. Want to get to an integration to a fair picture. If you only doing passive investment, we will tax you at a high rate but we will make it fair in the end.
