Exam (elaborations)
Canadian Tax Principles Chapter 3: Income or Loss from an Office or Employment Test bank
- Course
- Institution
Canadian Tax Principles Chapter 3: Income or Loss from an Office or Employment Test bank
[Show more]
Content preview
Canadian Tax Principles Chapter 3:Income or Loss from an Office or
Employment
Allowance - ANSAn amount paid by an employer to an employee to provide for certain types of
costs incurred by the employee, usually travel costs or automobile costs
Bonus arrangement - ANSWhen a corporation declares and deducts a bonus near the end of its
fiscal year, designed to be paid to the employee early in the following calendar year; will not be
taxed until the following year
Canadian Controlled Private Corporation - ANSA corporation that is controlled by persons
resident in Canada and that does not have any of its shares listed on a designated stock
exchange
Employee - ANSAn individual who has an employment relationship with an entity that provides
remuneration
Employer/employee relationship - ANSA written, verbal, or tacit agreement in which an
employee agrees to work on a full-time or part-time basis for an employer for a specified or
indeterminate period of time, in return for salary or wages
Employment income - ANSThe salary, wages, and other remuneration, including gratuities,
received by an employee in the year
Fringe benefits - ANSNon-cash benefits provided to employees by an employer
Home relocation loan - ANSA loan provided by an employer to an employee to assist that
employee in acquiring a home at a new work location
Imputed interest - ANSInterest on outstanding debt calculated at a specified interest rate without
regard to the actual interest rate being paid; used to determine the taxable benefit on loans to
employees and shareholders
In-the-money - ANSA term used to describe stock options in situations where the fair market
value of the stock exceeds the option price
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller QualityPDF. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75057 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now