ACC 928 Lecture Notes - Lecture 1: Term Life Insurance, Capital Gain, Capital Cost
Document Summary
*cca for lease hold improvements(class 13): lesser of: 1/5 capital cost, capital cost/remaining lease term+first renewal potion. Allo. to cover travel,aut (unreasonable if not ba- sed solely on kilometre) Insurane exempted (1) all paid by yer: premium not include in inc;benefit included in income (2) paid by yee: not deducted from inc. and not included in inc. ) Group income protection pre paid by yer are exemp. Group inc. protection prem and group term life prem paid by yee are not deductible. The stock opt was exercised but the recognition of the employment. Inc. can be deferred until the share are sold;no benefit when a stock option is granted only when it is exercise. Cca claimed by firm omitted since standby charge financial counselling fee related to retirement planning is not taxable. >50%:1/2 of standby charge: auto leased by employer. Total car benefits: auto owned by employee.
