Canadian Tax Principles Chapter 1_ Introduction to Federal Taxation in Canada exam with complete solutions.docx
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Course
Income tax
Institution
Income Tax
Advance tax ruling
Interpretations provided, at the request of a taxpayer, by the Income Tax Rulings Directorate as to how a particular transaction will be treated for tax purposes; such interpretations are not binding on the CRA
Allowable capital loss
The deductible portion (currently one...
Canadian Tax Principles Chapter 1:
Introduction to Federal Taxation in Canada
exam with complete solutions
Advance tax ruling - ANSWER- Interpretations provided, at the request of a
taxpayer, by the Income Tax Rulings Directorate as to how a particular
transaction will be treated for tax purposes; such interpretations are not binding
on the CRA
Allowable capital loss - ANSWER- The deductible portion (currently one-half) of a
capital loss
Business income - ANSWER- Income that is earned through active business
activity; includes amounts earned by producing goods, selling goods or services,
or delivering services; usually refers to a net amount
Capital asset - ANSWER- An asset that is held for the purpose of producing
income
Capital gain - ANSWER- The excess of proceeds resulting from the disposition of
a capital asset, over the sum of the adjusted cost base of the asset plus any costs
of disposition
Capital loss - ANSWER- The excess of the sum of the adjusted cost base of a
capital asset plus any costs of disposition, over the proceeds resulting from the
disposition of the asset
Capital tax - ANSWER- A tax assessed on the capital of a corporation, without
regard to its income
Consumption tax - ANSWER- A tax levied on the consumption of some product or
service; also called a sales tax
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