AFM362 Study Guide - Winter 2018, Comprehensive Midterm Notes - Canada, Capital Gain, Dividend
12 Oct 2018
School
Department
Course
Professor
AFM362
MIDTERM EXAM
STUDY GUIDE
Fall 2018
The patie of la o
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laes is a offee ude the poiial legislatio hih egulates
that patie laes
•
Ta pratie ad the professioal aoutat
The pratie of taatio
Copliae
○
Ta plaig
○
Legal itepetatio
○
Ta appeals ad ta litigatio
○
I the field of taatio, fou etesie aeas of patie
•
Oerie
Ipats a lot of people so it’s the ost oo aea of patie
•
Pepaatio ad eie of pesoal ad opoatio ta etus ad othe douets suitted
to taatio authoities
•
Copliae
This is a isoe eause of the a o
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ta osts ad eooi opliatios that
ould aise ith suh a ao fous
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The poess of "ta iiizatio"
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To ahiee effetie ta plaig i the deisio
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akig poess, it is eessa to eaie ad
itegate all usiess o iestet fatos
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Ta plaig
Legal iterpretatio
Ta appeals ad ta litigatio
The Caadia ta sste is uilt upo a asis of self
-
epotig
•
As e fe Caadias hae i
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depth koledge of the taatio sste, thee's a stog eliae
o ta pofessioals to poide guidae
•
The ethial role of the professioal aoutat i ta pratie
, itrodutio to ioe ta
The disussio of this ook fous piail o fedeal ioe ta ad the GST/HST
•
Oerie
Liited to the thee soues of et, pofit, ad ages
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Ada Sith osideed ioe to e "et", that is, goss eeues less epeses iued to
podue eeues
•
To ipute eas "to assig a alue of soethig ifeee fo the alue of the
poduts of poesses to hih it otiutes". A foal eeipt of ue a ot hae
take plae o ee eoded
○
I eet eas, eooist's oept of ioe has ee oadeed to ilude all et ieases i
eooi poe etee to poits i tie. This ould ilude gais of all kids ad iputed
ioe
•
Approahes to defiig ioe
Fiaial aoutig puposes ad ta puposes ae diffeet so thee ae to epotig
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The role of geerall aepted aoutig priiples
Chapter 1
Jaua , : PM
AFM 362 Page 1
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The "ostutie eeipt" of ioe ioles the ilusio of aouts hih a ot atuall e
eeied ut ae eefiiall eeied o eeiale.
•
The use of aual aoutig sste is aothe eaple. While aouts i A/R hae ot atuall
ee eeied, the ae iluded i ioe fo ta.
•
The dotrie of ostrutie reeipt
Reeipts a e eithe ioe o apital
•
Sale of apital esults i apital gai heeas sale of the fuit esults i a eeipt of ioe
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Reeipts of apital hae eeied oe faouale ta oseuees
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Ol half of apital gais ae iluded i ioe
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Capital is like a tee hih podues ioe duig the peiod of oeship i the fo of fuit
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Ioe ersus apital
Aggregatio forula
e.g. eploet epeses aot e deduted fo his usiess ioe if he has a
usiess too
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A tapae ust opute he ioe o loss fo eah soue idepedetl
•
Siilal, i the alloatio of usiess ioe aog aious poies ol the dedutios that
a e taed to o alloed that patiula juisditio a e deduted i aiig at ioe fo
ta puposes
•
Sourig or traig of ioe
Net ioe fo ta puposes
--
> taale ioe
--
> ta liailit
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Chapte
-
deals ith et ioe fo ta puposes
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Chapte deals ith the est to
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Chapte ad deals ith the est to ut fo opoatios
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The alulatio of a tapae's ta liailit is aoplished opletig thee distit
oputatios:
•
Deteriatio of et ioe for ta purposes, taale ioe, ad federal ioe ta for idiiduals
AFM 362 Page 2
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Document Summary
The p(cid:396)a(cid:272)ti(cid:272)e of la(cid:449) (cid:271)(cid:455) (cid:374)o(cid:374)-la(cid:449)(cid:455)e(cid:396)s is a(cid:374) offe(cid:374)(cid:272)e u(cid:374)de(cid:396) the p(cid:396)o(cid:448)i(cid:374)(cid:272)ial legislatio(cid:374) (cid:449)hi(cid:272)h (cid:396)egulates that p(cid:396)a(cid:272)ti(cid:272)e (cid:271)(cid:455) la(cid:449)(cid:455)e(cid:396)s. I(cid:374) the field of ta(cid:454)atio(cid:374), fou(cid:396) e(cid:454)te(cid:374)si(cid:448)e a(cid:396)eas of p(cid:396)a(cid:272)ti(cid:272)e. I(cid:373)pa(cid:272)ts a lot of people so it"s the (cid:373)ost (cid:272)o(cid:373)(cid:373)o(cid:374) a(cid:396)ea of p(cid:396)a(cid:272)ti(cid:272)e. P(cid:396)epa(cid:396)atio(cid:374) a(cid:374)d (cid:396)e(cid:448)ie(cid:449) of pe(cid:396)so(cid:374)al a(cid:374)d (cid:272)o(cid:396)po(cid:396)atio(cid:374) ta(cid:454) (cid:396)etu(cid:396)(cid:374)s a(cid:374)d othe(cid:396) do(cid:272)u(cid:373)e(cid:374)ts su(cid:271)(cid:373)itted to ta(cid:454)atio(cid:374) autho(cid:396)ities. This is a (cid:373)is(cid:374)o(cid:373)e(cid:396) (cid:271)e(cid:272)ause of the (cid:373)a(cid:374)(cid:455) (cid:374)o(cid:374)-ta(cid:454) (cid:272)osts a(cid:374)d e(cid:272)o(cid:374)o(cid:373)i(cid:272) (cid:272)o(cid:373)pli(cid:272)atio(cid:374)s that (cid:272)ould a(cid:396)ise (cid:449)ith su(cid:272)h a (cid:374)a(cid:396)(cid:396)o(cid:449) fo(cid:272)us. To a(cid:272)hie(cid:448)e effe(cid:272)ti(cid:448)e ta(cid:454) pla(cid:374)(cid:374)i(cid:374)g i(cid:374) the de(cid:272)isio(cid:374)-(cid:373)aki(cid:374)g p(cid:396)o(cid:272)ess, it is (cid:374)e(cid:272)essa(cid:396)(cid:455) to e(cid:454)a(cid:373)i(cid:374)e a(cid:374)d i(cid:374)teg(cid:396)ate all (cid:271)usi(cid:374)ess o(cid:396) i(cid:374)(cid:448)est(cid:373)e(cid:374)t fa(cid:272)to(cid:396)s. The ethi(cid:272)al role of the professio(cid:374)al a(cid:272)(cid:272)ou(cid:374)ta(cid:374)t i(cid:374) ta(cid:454) pra(cid:272)ti(cid:272)e. The ca(cid:374)adia(cid:374) ta(cid:454) s(cid:455)ste(cid:373) is (cid:271)uilt upo(cid:374) a (cid:271)asis of self- (cid:396)epo(cid:396)ti(cid:374)g. As (cid:448)e(cid:396)(cid:455) fe(cid:449) ca(cid:374)adia(cid:374)s ha(cid:448)e i(cid:374)-depth k(cid:374)o(cid:449)ledge of the ta(cid:454)atio(cid:374) s(cid:455)ste(cid:373), the(cid:396)e"s a st(cid:396)o(cid:374)g (cid:396)elia(cid:374)(cid:272)e o(cid:374) ta(cid:454) p(cid:396)ofessio(cid:374)als to p(cid:396)o(cid:448)ide guida(cid:374)(cid:272)e (cid:1005),(cid:1006)(cid:1004)(cid:1004) i(cid:374)trodu(cid:272)tio(cid:374) to i(cid:374)(cid:272)o(cid:373)e ta(cid:454)
