COMMERCE 4SB3 Chapter Notes - Chapter 10: Capital Gain, Tax Shield, Employee Stock Option
14 Dec 2017
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Chapter 10 - computation of taxable income and tax for individuals. Can carry loss back 3 years and forward 20 years. Excess of allowable capital loss over capital gain for the year plus. Abil not absorbed in the 10-year carry forward period. Can be carried back 3 years and forward indefinitely. 50% inclusion rate except you sell qualified farm or fishing property(,000,000) can be sheltered. This will be on the exam no need to add on cheat sheet. ,635 (2017) x 15% = 1745 (tax credit for 2017) Spouse or equivalent (no spouse i. e. child or dependant <18, living with) Claimed by the spouse that can get the highest (highest income) Credit based on spouse or equivalent"s division b income. less division b income of dependant or spouse. Canada caregiver - if look after someone 18+ physically/mentally impaired. Credit is up to (i. e. 15% of ) other specified relative.
