BU357 Lecture Notes - Lecture 1: International Financial Reporting Standards, Tax Treaty, Net Income
Document Summary
Other sources: income tax application rules 1971, income tax regulations, tax treaties, tax cases, bulletins, circulars, ruling, published by cra, international financial reporting standards (ifrs) Slide (6): division b niftp: subdiv. a employment income subdiv. Business and property income subdiv. c capital gains/losses subdiv. d other income subdiv. e other deductions subdiv. f relevant rules. Slide (7): income determination (a) aggregate income from employment, business, property and other sources. Simply put together income other than capital gains just put all of it together. Income from the four sources (b) determine net taxable capital gains, i. e. , taxable capital gains net of allowable capital losses. Look at your capital gain and get your net amount (c) sum up of (a) and (b), and net of other deductions. Put together a and b and then claim other deductions (d) aggregate losses from employment, business, and property, and allowable business investment losses (abil), and subtracted from (c)
