ACTG 2P31 Lecture Notes - Lecture 3: Capital Asset, Term Life Insurance, Capital Cost
8 Dec 2017
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5-7: salary and wages received, other income inclusions arising from employment, stock option benefits. 8: only those listed in the act and that relate to the earning of employment income may. The profit/loss test: taxpayer has a chance of making a profit, risks incurring a loss from bad debts, damages to assets or delivery delays, must cover operating costs. Salary, wages and other remuneration including gratuities: remuneration: includes all items received as a result of the individuals employment, includes: bonuses, tips, honoraria and commission paid to employees, amounts or benefits received directly or indirectly, ex. Payment of a hockey players agent fee for a club: a tax payment made to an employee to compensate for the higher. Canadian taxes: a trip i(cid:374)(cid:272)e(cid:374)ti(cid:448)e paid to a sale perso(cid:374) (cid:271)(cid:455) the e(cid:373)plo(cid:455)er"s supplier. Amounts received: only amounts received in the year will be included in the employment income, ex.
