ACCO 340 Lecture Notes - Lecture 11: Physical Therapy, Income Property, Fair Market Value

• School: Concordia University
• Department: Accountancy
• Course: ACCO 340
• Professor: Elizabeth Peltier- Wagner

Document Summary

Personal tax credis (given in the exam) always * 15: personal. Kids, dependent under 18 in the income tax year. Cannot have 2 and 3 in the same income tax return: child. Can have 3 and 4 for same child: caregiver. Main functions of live, mental disability, long term disability, more than 12 months. Has to be a disabled adult (over 18) Has to live in the same house. Parent, by-laws over 65 years old not necessarily disabled. Reduced by income of parent minimum ,334: family caregiver amount. Fca credit is added to infirm dependent. Spouse, child under 18, eligible dependent, infirm dependent, caregiver: infirm dependant over 17. Brother, sister, uncle, aunt, parents, grand-parents, nephew, niece disabled. Not necessarily living in the same house. Income under ,548 (basically impossible, because of rent expense) Have to choose between 5,6,7 for the same individual: age. Over ,255, no amount can be deducted.