BU357 Lecture Notes - Lecture 1: Income Tax, Personal Property, Financial Statement
Document Summary
Slide (11): liability: an income tax shall be paid on the taxable income for each taxation year of every person resident in canada at any time in the year. 2(1)] taxable income [sec 2(2)] = income for the year - the deductions permitted by division c. Jan 1st december 31st - personal: fiscal year on financial statement corporation. Residency is very important in determining if you are liable to pay taxes. Need to determine your taxable income for each taxable period. Income tax should be paid on the taxable income. Person refers to both individual and the corporation. Needs to be each individual can"t be done as a family can"t not be grouped. If you are not part time and you are not full time then you are automatically non-resident. Slide (13): full-time individual resident: criterion: (common law) a continuing state of relationship/ties with.
