BU357 Chapter Notes - Chapter 2: Personal Property
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. This individual was a resident in canada until june 10, 2014 where they have a clean break and left the country.
