ACC 333 Lecture Notes - Lecture 4: Fuel Tax, Accounts Receivable, Cash Flow
3 Jan 2018
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Applies at time of sale to most goods, services and property in canada including big ticket items. Small supplier = under 30k sales / year or quarter. Does not need to register, bill or collect hst/gst. Does not need to get taxes refunded. Register to get a bn and hst acct. Can claim itcs on purchases and get hst/gst costs refunded. Income taxes are charged on profits not losses. Taxable income = revenues - allowable expenses. Business income: determined under gaap + adjustments. Incurred for the purpose of earning business income. No income tax paid directly by the business entity. Include your share in your personal taxable income for the year. Depends on: stage of development business lifecycle. Profitable (track record) ops cash flow >0 asset base. Retention existing assets new expansion/new assets r&d. Market penetration/expansion growth (new assets, initial cash flow shortfalls) Prod. development (r&d) market development overhead (cid:523)(cid:498)burn rate(cid:499)(cid:524) assets.
