COMPLETE - Elaborated Test bank for Canadian Income Taxation 2022/2023-25Ed.By William Buckwold, Joan Kitunen, Matthew Roman & Abraham Iqbal. ALL Chapters(1-23) Included |255| Pages - Questions & Answers Pass Canadian Income Taxation 2022/2023 in First Attempt Guaranteed!Get 100% Latest Exam Questions, Accurate & Verified Answers to Pass the Actual Exam! Instant Download!

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COMPLETE - Elaborated Test bank for Canadian Income Taxation 2022/2023-25Ed.By William Buckwold, Joan Kitunen, Matthew Roman & Abraham Iqbal. ALL Chapters(1-23) Included |255| Pages - Questions & Answ... ers Pass Canadian Income Taxation 2022/2023 in First Attempt Guaranteed!Get 100% Latest Exam Questions, Accurate & Verified Answers to Pass the Actual Exam! Instant Download!COMPLETE - Elaborated Test bank for Canadian Income Taxation 2022/2023-25Ed.By William Buckwold, Joan Kitunen, Matthew Roman & Abraham Iqbal. ALL Chapters(1-23) Included |255| Pages - Questions & Answers Pass Canadian Income Taxation 2022/2023 in First Attempt Guaranteed!Get 100% Latest Exam Questions, Accurate & Verified Answers to Pass the Actual Exam! Instant Download! Part 1 A Planning and Decision-Making Approach to Taxation Chapter 1 Taxation-Its Role in Decision Making Chapter 2 Fundamentals of Tax Planning Part 2 An Overview of Income Determination and Tax for the Two Primary Entities Chapter 3 Liability for Tax, Income Determination, and Administration of the Income Tax System Chapter 4 Income from Employment Chapter 5 Income from Business Chapter 6 The Acquisition, Use, and Disposal of Depreciable Property Chapter 7 Income from Property Chapter 8 Gains and Losses on the Disposition of Capital Property-Capital Gains Chapter 9 Other Income, Other Deductions, and Special Rules for Completing Net Income for Tax Purposes Chapter 10 Individuals: Determination of Taxable Income and Taxes Payable Chapter 11 Corporations-An Introduction Part 3 The Corporate Structure Chapter 12 Organization, Capital Structures, and Income Distributions of Corporations Chapter 13 The Canadian-Controlled Private Corporation Chapter 14 Multiple Corporations and Their Reorganization Part 4 Other Forms of Business Organization Chapter 15 Partnerships Chapter 16 Limited Partnerships and Joint Ventures Chapter 17 Trusts Part 5 Selected Topics Chapter 18 Business Acquisitions and Divestitures-Assets versus Shares Chapter 19 Business Acquisitions and Divestitures-Tax-Deferred Sales Chapter 20 Domestic and International Business Expansion Chapter 21 Tax Aspects of Corporate Financing Chapter 22 Introduction to GST/HST Chapter 23 Business Valuations 1) The major source of federal revenues is the personal income tax. Indicate three other types of taxes that contribute to federal revenues. Answer: The other sources of federal revenues that are shown in Figure 1-1 of the text are: • Corporate income taxes. • Non-resident income taxes. • GST. • Customs and import duties. • Other excise taxes. • EI premiums. Type: ES Downloaded by Sturdy Drone ([email protected]) lOMoARcPSD|8660651 Topic: Federal revenue sources 2) What is the meaning of "person" when the term is used in the ITA? Answer: In the ITA, the term "person" refers to an individual, a corporation, a trust or an estate. Type: ES Topic: Definition - "Person" ITA 248(1) 3) Briefly describe the procedures used in calculating provincial or territorial income tax for individuals in other than individuals residing in Quebec. Answer: Provincial or territorial income taxes for individuals are calculated by applying a provincial or territorial income tax rates to taxable income for federal income tax purposes. Provincial or territorial personal income tax credits are then applied to the resulting gross income tax. The provincial and territorial income tax brackets may differ from the federal income tax brackets. In addition, provincial and territorial personal tax credits may be different than the federal personal tax credits. Type: ES Topic: Income tax payable - federal income tax 4) The Canadian income tax system is often used to achieve various economic objectives. Give three examples that illustrate this point. Answer: There are many examples that could be cited. The text divides them into resource allocation (e.g., public health care), distribution effects (e.g., federal GST credit), stabilization effects (e.g., deficit reduction), and fiscal federalism (e.g., allocations to various levels of government). Type: ES Topic: Canadian income tax system - objectives 5) Provide an example of how taxation policy can be used to influence resource allocation. Answer: Examples provided in the text are as follows: • Tax revenues are used to provide public goods and services. • Excise taxes are used to discourage the consumption of alcohol and tobacco products. There are, of course, many other examples that could be cited. 6) The government pays a Canada Child Benefit to the parents of children who are under 18 years of age. The payments are reduced by a percentage of income above a certain amount. What objectives are achieved by this benefit system? Answer: The Canada Child Benefit system is designed to assist low income families with children. The government is encouraging population growth. In addition the benefits are targeted to those most in need being low income families. Type: ES Topic: Canadian income tax system - objectives 7) Indicate three disadvantages of a tax system that uses progressive rates. Answer: There are a number of possibilities here. They include that progressive rates: • Increase the complexity of the system. • Are unfair to individuals with highly variable income streams. • Are unfair to single income family units. • Lead to pressure for various types of tax concessions. • Discourage high income individuals from making additional efforts. • Encourage tax evasion. Type: ES Topic: Canadian income tax system - objectives [Show More]

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