BU357 Lecture Notes - Lecture 1: International Financial Reporting Standards, Tax Treaty, Property Income
Document Summary
1972: framework for individual income tax that we have today. Before 1972: no credits to re-evaluate your land. Tax regulations: deal with gov. policies that change frequently over time (e. g. -application rules aren"t used nowadays. Real property purchased before 1972 based on application rule, you might have depreciation rates for fixed assets under tax regulations for tax purposes) Ita doesn"t give us all the tax treatments disagreement between tp and. Tax treaties for mncs and overseas (canada and us tax treaty) Tax cases: canada is common law country = previous court cases play important role in tax system. Publications from cra: more explanation about the ita. If you have business income, you have until june 15. If disagreement can"t be solved informally (cid:523)going to cra office(cid:524), then it goes to court. Only 1-2 cases each year goes to the supreme court. Part i income tax have (not covered) people.
