ACC 742 Lecture Notes - Lecture 8: Tax Deduction, Pension Credit, Dividend Tax

• School: Ryerson University
• Department: Accounting
• Course: ACC 742
• Professor: Guy Man

Document Summary

Division b net income for tax purposes (calculated per section 3 ordering rules) Division b income less division c deductions = taxable income. Already covered earlier in the course, but here"s a quick review: = difference between fmv at exercise date and option price 7(1)(a) For non-ccpc: income inclusion when options are exercised. For ccpc: income inclusion when the shares are disposed of 7(1. 1) Deduction for of the income inclusion: same year as income inclusion. Defined in 248(1) - must be received by an individual or individual"s spouse/c-l partner so that the individual can move from one residence in canada to acquire a dwelling" in. Canada to commence employment, as long as the distance between the old residence and the new work location is at least 40 km greater than the distance between the new residence and the new work location. The s. 110(1)(j) deduction is available where a taxpayer has included a benefit in income because of s. 80. 4.