Exam (elaborations)
Canadian Income Taxation 25th Edition by William Buckwold
- Course
- Institution
- Book
Canadian Income Taxation 25th Edition by William Buckwold
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Canadian Income Taxation 25th Edition by William Buckwold
-
Canadian Income Taxation 25th Edition by William Buckwold
-
Solutions Manual for Canadian Income Taxation 2023/2024, 26th Edition by William Buckwold, ISBN: 9781264909551, All 23 Chapters Covered, Verified Latest Edition
Seller
Follow
kushboopatel6867
Reviews received
Content preview
Solutions Manual for Canadian Income Taxation 25th Editionby William Buckwold
Canadian Tax System - ANSWER: The system of taxation in Canada, which includes
income tax, consumption tax, and wealth tax.
Personal Income Tax Returns - ANSWER: The annual tax returns that Canadian
residents must complete to report their income and deductions and calculate their
tax liability.
Types of Income - ANSWER: Different categories of income that are subject to
different rules of taxation, including employment income, business income,
investment income, taxable capital gains, and other income.
Tax Deductions - ANSWER: Expenses that can be subtracted from total income to
reduce taxable income, such as contributions to retirement savings plans,
professional and union dues, and childcare expenses.
Tax Credits - ANSWER: Reductions in taxes payable, either refundable or non-
refundable, based on specific criteria, such as the basic personal amount, pension
plan contributions, and tuition amount.
Accrual Method - ANSWER: A method of accounting that recognizes income and
expenses when they are incurred, regardless of when the cash is received or paid.
Fiscal Year-End - ANSWER: The end of a company's accounting period, which may not
necessarily coincide with the calendar year-end.
Reasonable Expectation of Profit - ANSWER: The expectation that a business will
generate a profit based on sound business practices and economic factors.
Accrued Interest - ANSWER: Interest that has been earned but not yet received or
paid.
Home Office Expenses - ANSWER: Expenses incurred for the business use of a
portion of a person's home, such as rent, utilities, and maintenance.
Recapture - ANSWER: The inclusion of previously deducted expenses or losses as
income in a subsequent tax year.
After-Tax Cash Flows - ANSWER: The amount of cash remaining after taxes have
been paid.
, Income Deferral - ANSWER: The strategy of delaying the recognition of income to a
future tax year to take advantage of lower tax rates or to earn interest on pre-tax
amounts.
Reduced Standby Charge - ANSWER: A lower taxable benefit for personal use of an
employer-owned vehicle when the vehicle is used more than 50% of the time for
work or if the total kilometers for personal use are below a certain threshold.
Allowable Deductions - ANSWER: Expenses that can be subtracted from net income
to determine taxable income, such as contributions to retirement savings plans,
professional and union dues, and childcare expenses.
Income Splitting - ANSWER: The strategy of allocating income to family members in
lower tax brackets to reduce the overall tax liability.
Refundable Tax Credits - ANSWER: Tax credits that can result in a refund if they
reduce the tax liability to a negative amount, such as the refundable medical
expense supplement and investment tax credit.
Attribution Rules - ANSWER: Rules that attribute income or gains back to the original
owner, such as when assets are transferred between spouses or when gifts are made
to children.
Independent Contractors - ANSWER: Individuals who are self-employed and provide
services to clients or businesses, typically on a contract basis.
Automobile Benefit - ANSWER: The taxable benefit of having personal use of an
employer-owned vehicle, including the standby charge and the operating cost.
Inter-Jurisdictional Splitting - ANSWER: The strategy of taking advantage of
differences in tax rates between provinces or countries to reduce the overall tax
liability.
Registered Pension Plan (RPP) - ANSWER: A retirement savings plan sponsored by an
employer that provides pension benefits to employees upon retirement.
Investment Income - ANSWER: Income earned from investments, such as interest,
dividends, rent, and royalties.
Average Tax Rate - ANSWER: The average rate of tax paid on each dollar of income
earned, calculated by dividing the total amount of tax paid by taxable income.
Registered Retirement Savings Plan (RRSP) - ANSWER: A retirement savings plan that
allows individuals to contribute a portion of their income on a tax-deferred basis,
with taxes payable upon withdrawal.
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 kushboopatel6867. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$26.13. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now